contribution to roth question
ive got a client who is 62 yrs old who has a roth has not contributed yet this yr. He worked jan and feb and the company is paying him his benefits until july. is he allowed to put up to 6k into his roth this yr
ive got a client who is 62 yrs old who has a roth has not contributed yet this yr. He worked jan and feb and the company is paying him his benefits until july. is he allowed to put up to 6k into his roth this yr
Permalink Submitted by Alan Spross on Wed, 2009-04-01 22:24
Since he will apparently have W2 income for 2009, he can make a Roth contribution up to 6,000 or the amount of that income whichever is less. There is also an upper income modified AGI limit of 105,000 if he is single or 166,000 if married. Above those limits, the contribution is phased out. If he contributes prior to 4/15, he should be sure to flag the contribution as a 2009 contribution.