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Reply to "college savings for kid"
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[quote=Anonymous]The limit on Roth IRAs is $5500 per person. If you're not working you can use spousal income to qualify. I'm pretty sure this limit applies to non-deductible tIRA contributions, too, and any excess is penalized on your tax form. An interesting thing about non-deductible tIRAs: as long as you don't have deductible contributions making things complicated, you can roll them over to a Roth, even if your income is too high to qualify for a Roth directly. You just pay income tax on any earnings. It's called a "backdoor Roth" and is perfectly legal.[/quote]
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