[roastbeef]

I thought this forum had an off-topic "money" sub-forum... I guess not.

Anyways, I want to contribute to a Roth IRA, however, my annual income is near the "phase out" limits. Are the phase out limits based on gross income, or net income after deductions?
I already have a 457(b) plan, however, I am not contributing the maximum amount at this time. Would lowering my taxable income by contributing more to my 457(b) plan keep me eligible for a Roth IRA until my income surpasses the eligibility for a Roth IRA?

Thanks for any insight!

[Freon]

http://en.wikipedia.org/wiki/Roth_IRA#Income_limits
http://en.wikipedia.org/wiki/Adjuste...e#Modified_AGI
https://turbotax.intuit.com/tax-tool.../INF22699.html
etc.

It may be worth spending a few hundred bucks on a tax attorney for your situation to make sure you maximize your benefit.

[BayMoWe335]

It's based on MAGI.

And thanks for coming here to boast about being near income limits. Your question could have been answered with a 1 second google search.

Just to be clear, I am well over the limits for Roth.

[zx10guy]

Originally Posted by BayMoWe335

It's based on MAGI.

And thanks for coming here to boast about being near income limits. Your question could have been answered with a 1 second google search.

Just to be clear, I am well over the limits for Roth.

Whoa.....a bit harsh maybe?

[roastbeef]

Originally Posted by BayMoWe335

It's based on MAGI.

And thanks for coming here to boast about being near income limits. Your question could have been answered with a 1 second google search.

Just to be clear, I am well over the limits for Roth.

Oh boy. I'm lower middle class and just trying to plan ahead. If I was anything special, I wouldn't have to worry about financial future. Relax.

[John 070]

LOL, most people who drive a BMW would be phased out, as would most people who drive a BMW stop paying SS sometime maybe late summer....I didn't take the question as boasting....

[roastbeef]

the reason i asked in the first place is i learned that an individual can invest in both a traditional and roth ira, but only if the total amount doesn't exceed the total maximum limit ($5,500) combined.
this somewhat leads me to believe the IRS would be stingy with the tax breaks or limit pre-tax contributions to multiple plans to shelter and lower taxable income.

if i can, it may be worth it to start up a roth ira and as income increases towards phase out limits, increase the 457(b) funding to stay within the income limits to keep contributing. if i can't do what i described in the last sentence, then it may not be worth it to start up a roth ira.
its a legitimate question, no boasting.