can I contribute to IRA on behafe of my spouse

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xlnc2007

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Hi, I'm a newbie to Investment world. need some info
I want to contribute to IRA for me and my wife.

here is the situation
I'm a resident and my gross income is around 50K.
My wife did not working.

1. Can I contribute to IRA account $4000 for me and my wife. that's total of $8000.
2. can I contribute to both 401K and IRA for myself

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that's a good question - i am interested in the answer...

you must be post-call because your english is horrible ! :)
 
Members don't see this ad :)
2007 limits: $4000 for each spouse. Last day to contribute is April 15, 2008!!!!
2008 limits: $5000 for each spouse. Last day to contribute is April 15, 2009.
 
Hi, I'm a newbie to Investment world. need some info
I want to contribute to IRA for me and my wife.

here is the situation
I'm a resident and my gross income is around 50K.
My wife did not working.

1. Can I contribute to IRA account $4000 for me and my wife. that's total of $8000.
2. can I contribute to both 401K and IRA for myself
1. Yes
2. Yes
 
thanks for your input guys.
 
is there any point in doing this if your AGI> 150-200k???
 
It depends on the type of IRA. I think the following is correct, but you might want to look into it yourself

Roth IRA's are not taxed on withdrawal because contributions are not tax deductible. This is good for people like residents who are in low tax brackets now, but will be in high tax brackets later.

Traditional IRA contributions are tax deductible now, but you are taxed at the rate when you withdraw (ie retire). This might make more sense for you know since you're probably in a pretty high tax bracket (I don't know what deductions you have going for you, so it's hard to be sure).

If you're an employee of some kind that has a 401k/403b, it's usually a better idea to just contribute more to that fund. Especially if the employer does matching (free money!). The tax benefits are the same as the traditional IRA. The main differences are that you can borrow against your 401k, and you have more choices on what mutual funds to invest in with a an IRA.

-X



is there any point in doing this if your AGI> 150-200k???
 
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