Ask Experts Questions for FREE Help !
Ask
    Garv's Avatar
    Garv Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Feb 20, 2008, 11:29 AM
    Roth 401-k
    Son was in college working part time ( hamburger joints ) and making 7 to 8,000 a year... I have funded a Roth IRA for him since 2003, putting in $3,000 for years 2003 - 2004, and $4,000 for years 2005 - 2006 -2007, and this year ( 2008 ) so far have put in $1250.00 towards $5,000 contribution... He is out of school and got a job and started a Roth 401-k through his employer the first of the year... Can I still contribute to these funds that I set up for him... His employer will be putting in 3% and he will match with 3 starting... Est yearly wage at $35,000, hopefully I worded this so you can understand this... thank you
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Feb 20, 2008, 01:10 PM
    You can continue to fund your son's IRA, no problem. But you can not fund his 401(k) - he and his employer are the only ones who can fund his 401(k).
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Roth ira [ 2 Answers ]

My wife and I not contributed to our Roth IRA this year, thinking we would be over the $160k/year MAGI income limit. We have now figured out that isn't going to happen. Our ~ MAGI will be about $148k. So, should we take money out of one of two mutal funds (VGIRX) we have been putting $100/month...

Who is F.Roth /Artist [ 1 Answers ]

I recently bought a picture of a garden with two sculptures in it the artist has signed it F.Roth. Dose any one know who he is?

F. Roth etching [ 1 Answers ]

I have a framed etching by F. Roth titled: "The Yonne Canal, France" from the "Paris Etching Society and distributed by TURNER. it has "Paris Etching Society" with a copyright stamp written in the top right corner and the title of the etching in the bottom left corner with SZL within a circle. And...

ROTH or Regular 401(k) [ 7 Answers ]

I've been investing in my company's 401(k) program through Fidelity for the last 1.5 years. Starting this month we have the option of staying in the standard 401(k) program or switching to a new ROTH 401(k) program. The roth option will offer the same funds and company matching policy. I'm...

Roth Ira Transfer [ 1 Answers ]

I would like to open a Roth IRA 6 Month CD account. After the CD matures, how do I move the funds to another Bank if the rates are better elsewhere without triggering a taxable/penalty event? Thank you , Rich

View more questions Search