Can you pre-designate a portion or portions of your Profit Sharing check to go to your & your spouse's Roth IRA (non-Delta) before the tax man hits that check?

Ultimately, I'm trying to figure out if you can fully-fund two Roth IRAs ($11,000) for the calendar year via a tax-free input, and then if you'd be taxed on the remainder at the nominal rate.

Roth IRA money is post tax money, traditional IRAs are pretax. Now, once the money is in the Roth IRA it grows (or doesn't...) tax free.

Also, depending on your total AGI you might or not be eligible. For married filing jointly, I want to say you can put in a total of 11,000 for the 2 of you....if your total AGI does not exceed 185K.
But don't quote me on that. I recommend researching to confirm. Also. If you're over the 185K you can "backdoor" into a Roth IRA. Talk to a financial advisor.
Cue the backdoor jokes.

Looks like it. Funny we come here to find answers like this. I'm trying to use it as well and get the Unknown Error Occured message.

Good info...thanks fellas.

TY.

Delta giveth and taketh away. I got a nice juicy GS but can't book a ride to or from it. I guess I need to start walking to LGA from SAT :).

EDIT: skynet is back online.

Next time tell the scheduler that you can accept it if they can help you get there. They have given me positive space to get there.....at least for an out of base GS. Don't know about in base but it doesn't hurt to ask!

Denny

IF you can still put into your ROTH, it's post tax and advised because generally your tax bill will go up in the future and you will soon make too much money to put into a ROTH.

I've gotten PS to base for inbase GS more than a few times, just depends on how bad they need you. Once I just hesitated saying yes to a GS and the sched says "are you coming from your home" and I said yes, then he said can you be at your airport in 1.5 hrs, I said yes, he said then PS boom, done. I didn't even get a chance to ask.

That's the best cause then you commute right into a sign in, no wasted time!

Don't have a backdoor joke yet, it's about a week early....

Just pointing out that the backdoor ROTH doesn't work if you have a previously deducted IRA in your name already (either transferred or through contributions). This is because the IRS uses all your IRA balances when converting IRA contributions to a ROTH, so even after tax ones go in proportionally with the tax deferred ones, thereby preventing most of the backdoor.

Just figured out though that the remaining rollover IRA that was tax deferred can be transferred into an old company plan and that will allow my deductible IRA balance to go back to 0 which will re-allow the ROTH backdoor to resume.

Wow, what a wonderfully complicated tax system we have.