IRA ALERTS Flashcards
1
Q
No Roth IRA
A
- Don’t have one
- They qualify for one based on answers
2
Q
Traditional IRA-Confirm appropriate allocation
A
Traditional IRA balance $10,000+
3
Q
Roth IRA-confirm appropriate allocation
A
ROTH IRA balance $10,000+
4
Q
Overfunding your ROTH IRA
A
- Has Roth IRA and EITHER…
- their “MAGI (Modified Adjusted Gross Income) is above the bottom number of the Roth IRA Phase Out eligibility. This means they may be potentially ineligible based upon IRS “Phase Out” restrictions.
- OR.. they are simply putting in more money per year than allowed by law. (This considers the summation of traditional or Roth IRA contributions.)
5
Q
Underfunding your Roth IRA
A
-Has a Roth IRA but is not maxing it out
