About Me

njdebbie

I'm 38 years old, married with two sons, 14 and 18 years old. My husband and I do not have credit card debt or student loans. Our long term goal is to put away as much money as we can towards our retirement.

2008 GOALS:

Save 30% of family income from September through June.

>>Open a Roth IRA-(opened April 20th) $450.00/$5,000

>>Increase contributions to 403B
(Done) $125.00 to $145.00 (biweekly)

>> Open a Roth IRA for hubby.

>> Lose weight (50 lbs)
(0/50)

$$$$ DEBTS TO PAY $$$$

2008 GMC Canyon (truck)
(Hubby's 1993 had to be junked)
Terms: 0%/72 months
Purchased in July 2008
Balance: $27,988.91

Son's Fall/2008 College Tuition:
$1725.00 + textbooks. (Paid)

NO CREDIT CARD DEBT

HELP!! --QUESTION ABOUT MY ROTH IRA

April 22nd, 2008 at 03:58 pm

On April 20th I made my first contribution to the Roth IRA. $50 electronic withdrawals will be made every other week from my checking account. How long will I have to make the maximum contribution for 2008? I think I can contribute $5,000 for 2008. Can my husband contribute the same? We file taxes jointly. Can anyone help? Thanks.

Posted in Uncategorized | 6 Comments »

6 Responses to “HELP!! --QUESTION ABOUT MY ROTH IRA”

disneysteve Says:
April 22nd, 2008 at 04:12 pm

You have until April 15, 2009 to make your 2008 contribution.

The maximum contribution for 2008 is $5,000.

You and your husband can each max a Roth for $5,000 each as long as you have jointly earned at least that much in income, regardless of who earned what. In other words, even if you were a SAHM with no income, you could still put $5,000 in a Roth.
NJDebbie Says:
April 22nd, 2008 at 04:18 pm

Thanks disneysteve!
monkeymama Says:
April 22nd, 2008 at 05:25 pm

True, but there is an income cap as well. If your income is more than $156k combined, it starts to phase out - just FYI.

(I have no idea what your income is - but had to point out).

http://www.irs.gov/publications/p590/ch02.html#d0e9412
NJDebbie Says:
April 22nd, 2008 at 05:42 pm

Thanks monkeymama! Way under $156k.
terri77 Says:
April 22nd, 2008 at 06:46 pm

Usually you have to specify that the money is for 2008 if you make the contribution from January 1-April 15, 2009. So don't use automatic contributions for those payments. Make a separate designated payment.
njdebbie Says:
April 23rd, 2008 at 05:41 am

You guys are the best!!! Thanks disneysteve, monkeymama and terri77.

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DOING EVERYTHING I CAN TO NOT LIVE PAYCHECK TO PAYCHECK.

HELP!! --QUESTION ABOUT MY ROTH IRA

6 Responses to “HELP!! --QUESTION ABOUT MY ROTH IRA”

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