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Roth Contribution Question

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  • Roth Contribution Question

    Hello there, I am pretty new to this forum, and I have a fresh question about contribution to Roth in 2009.
    I currently work-full time and also part-time student. Starting next year, I will switch my status to part-time employee and full-time student. I want to make contribution to Roth for 2009.
    So my fresh question is what is the minimum income before tax that one needs to have to be eligible still to make contribution for ROTH next year?
    I am 32 and single.

    Thank You for all imputs!

  • #2
    There is no minimum, you can only put into a Roth the lesser of your earned income for the year or $5000.

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    • #3
      Also, keep in mind that you can't make a 2009 contribution until Jan 1. However, 2008 is still open until April 15, so if you have the funds available, it would be worth maxing both years if you can.

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      • #4
        Thanks guys for your inputs! My Roth is full for 2008.
        Also, my question is more related for those (me) who do not make much as a part timer. For example, If I earn $5000 gross I am still eligible for full contribution in 2009??

        My goal is to finish the school in next 2 years and be on my own.

        Plus, how the Government treat HOPE scholarship as income or something else? BTW, I am eligible for $2752 for next semester.

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        • #5
          Originally posted by corolla02 View Post
          If I earn $5000 gross I am still eligible for full contribution in 2009??
          Yes.

          Also, they haven't announced a number yet, but the contribution limit begins getting indexed for inflation in 2009 so the limit may be higher than $5,000 (I certainly hope so).
          Steve

          * Despite the high cost of living, it remains very popular.
          * Why should I pay for my daughter's education when she already knows everything?
          * There are no shortcuts to anywhere worth going.

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          • #6
            Originally posted by disneysteve View Post
            Yes.

            Also, they haven't announced a number yet, but the contribution limit begins getting indexed for inflation in 2009 so the limit may be higher than $5,000 (I certainly hope so).
            Thanks for good news Y'all!!

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