Posted:
#1
Wallstreet-
I'm in no man's land when it comes to eligibility to contribute to a roth this year (with gross income on my W-2, I qualify for a PARTIAL contribution right now).
Since I've already made my entire contribution for 2007 (I do it on E-Trade), I'm going to have to back part of it out. It was stupid, but I really thought I would be able to contribute the whole amount this year....a pretty significant gross up on a bonus killed me (it will really help me tax-wise, but it obviously hurt roth-wise).
Anyway, I'm waiting for my K-1 report to file my taxes. My questions is this: Will any business income from this K-1 report needed to be factored into my Roth IRA eligibility calculation? We're an S-Corp...two owners...I'm minority. We have largely been socking away our earnings (in addition to paying ourselves). In other words, we haven't been skimming huge $'s...and we have a good amount of $ in the bank (which we have already been taxed on). We spent a lot last year on some expansion stuff so we didn't have a lot of net income. This year, it will be a bit different (I don't have final numbers yet).
Anyway, I want to get this Roth thing straightened out, but don't want to start screwing around with it if my K-1 is going to have an effect on it.
Is it best just to wait for the report and then see where I'm at or can I calculate my partial contribution based on the gross income figures I have in front of me right now?
I tried to look on-line and my tax guy is gone until next Monday....this is really bothering me (having illegal contribution money in my Roth account). I'd like to get it taken care of as soon as possible.
Any help would be appreciated. 
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