Comments on: Annual Goals Update: February Status http://fabulousfinancials.com/2008/03/february-goals-update.html A single mom on a mission to achieve financial freedom Tue, 27 Jul 2010 21:32:37 -0400 http://wordpress.org/?v=2.9.2 hourly 1 By: msminiducky http://fabulousfinancials.com/2008/03/february-goals-update.html/comment-page-1#comment-9587 msminiducky Sat, 08 Mar 2008 00:29:38 +0000 http://fabulousfinancials.com/2008/03/february-goals-update.html#comment-9587 :) Depends how crazy you wanna get on your vacay! And how many times you're gonna call me in the middle of the night wanting to change the itinerary a la Big Boss :D :) Depends how crazy you wanna get on your vacay! And how many times you’re gonna call me in the middle of the night wanting to change the itinerary a la Big Boss :D

]]> By: Sistah Ant http://fabulousfinancials.com/2008/03/february-goals-update.html/comment-page-1#comment-9413 Sistah Ant Tue, 04 Mar 2008 23:11:30 +0000 http://fabulousfinancials.com/2008/03/february-goals-update.html#comment-9413 Oh yeah - it's looking good in here! I'm glad to see how well you're doing! Oh yeah – it’s looking good in here! I’m glad to see how well you’re doing!

]]> By: Chitown http://fabulousfinancials.com/2008/03/february-goals-update.html/comment-page-1#comment-9392 Chitown Tue, 04 Mar 2008 16:22:07 +0000 http://fabulousfinancials.com/2008/03/february-goals-update.html#comment-9392 I love the goals you have set for yourself! I love the goals you have set for yourself!

]]> By: Becky R http://fabulousfinancials.com/2008/03/february-goals-update.html/comment-page-1#comment-9385 Becky R Tue, 04 Mar 2008 13:11:45 +0000 http://fabulousfinancials.com/2008/03/february-goals-update.html#comment-9385 I appreciate your accountability. I love reading your blog. -Becky R in NJ I appreciate your accountability. I love reading your blog. -Becky R in NJ

]]> By: Daviece http://fabulousfinancials.com/2008/03/february-goals-update.html/comment-page-1#comment-9384 Daviece Tue, 04 Mar 2008 13:04:48 +0000 http://fabulousfinancials.com/2008/03/february-goals-update.html#comment-9384 Single Ma - Congrats on making strides to reaching ALL of your goals. You've definitely been a source of inspiration for me. But I do have a question... As I'm working on reaching my financial goals for the year, I was told by BofA that I am unable to max out a Roth IRA if I'm a). single, b). make more than $52,000 and also have a 401(k) retirement plan. And from the looks of it, you make more than $52,000 and are single, so how are you able to make max contributions to your Roth IRA? Is it because you're a mom? <strong>No, it isn't because I'm a mom. LOL a) Your marital status doesn't determine if you are eligible to contribute to a Roth IRA, but your AGI (adjusted gross income) does. However, the AGI limits are higher for married vs. single, but being single doesn't make you ineligible. b) The 2008 AGI limit to maximize your Roth contribution is $159k for married filing jointly and $101k for single. There are also higher income limits ($169k and $116k respectively) that are eligible for a Roth but the allowable contribution is gradually phased out until the AGI reaches the maximum threshold. c) The IRA eligibility that's based on whether you have a 401k is the <u>Traditional</u> IRA, not the Roth IRA, primarily because both are tax deferred retirement accounts. Whereas, you pay taxes on Roth contributions. Please consult a tax professional to better understand the tax implications. It concerns me that a BofA rep would tell you something so blatantly incorrect when all you have to do is search Google for the answer, but I'm not all that surprised. [-SM]</strong> Single Ma – Congrats on making strides to reaching ALL of your goals. You’ve definitely been a source of inspiration for me. But I do have a question…

As I’m working on reaching my financial goals for the year, I was told by BofA that I am unable to max out a Roth IRA if I’m a). single, b). make more than $52,000 and also have a 401(k) retirement plan. And from the looks of it, you make more than $52,000 and are single, so how are you able to make max contributions to your Roth IRA? Is it because you’re a mom?

No, it isn’t because I’m a mom. LOL

a) Your marital status doesn’t determine if you are eligible to contribute to a Roth IRA, but your AGI (adjusted gross income) does. However, the AGI limits are higher for married vs. single, but being single doesn’t make you ineligible.

b) The 2008 AGI limit to maximize your Roth contribution is $159k for married filing jointly and $101k for single. There are also higher income limits ($169k and $116k respectively) that are eligible for a Roth but the allowable contribution is gradually phased out until the AGI reaches the maximum threshold.

c) The IRA eligibility that’s based on whether you have a 401k is the Traditional IRA, not the Roth IRA, primarily because both are tax deferred retirement accounts. Whereas, you pay taxes on Roth contributions. Please consult a tax professional to better understand the tax implications.

It concerns me that a BofA rep would tell you something so blatantly incorrect when all you have to do is search Google for the answer, but I’m not all that surprised. [-SM]

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