Dear CPA:
I am working on my retirement planning and definitely need to increase the amount that I am saving. How can I look up the tax bracket that I am in so that I can figure out the net I should deposit into a Roth on a monthly basis?
Dear Taxpayer:
The tax bracket that you are in does not directly affect the computation of your Roth IRA deduction. The absolute amount of your adjusted AGI is the important figure. The phase out limits are listed here. The amount that may be contributed for 2008 by April 15, 2009, is generally $5000 per person. I recommend contributing for 2009 as early in the year as possible to gain an extra year of tax free growth.
