Ask Experts Questions for FREE Help !
Ask
    kaboodle12's Avatar
    kaboodle12 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Aug 20, 2009, 07:52 AM
    Roth IRA and Roth 401(k)
    Can I make contributions to a Roth IRA, when I am already contributing to a Roth 401(k) plan? If so, what are the limits?

    Thank you,
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
    		  
    #2

    Aug 20, 2009, 09:30 AM

    Yes, you can contribute to both. The limits are are not affected by whether you have a Roth versus traditional IRA or 401(k). For 2009 those limits are:

    IRA: $5K, or $6K if age 50 or above. Eligibility for Roth contributions phase out if your AGI is between $166K and $176K (assuming your tax status is married filing jointly). If you exceed these limits then your IRA contribution must be to a traditional IRA.

    401(k): $16.5K, or $22K if age 50 or over. This assumes that your company doesn't run afoul of the rules concerning excessive contributions by highly compensated employees.
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!

Pre-Tax, Roth, or After-Tax [ 2 Answers ]

Which 401(k) plan is the best? Could you please give me little pro/cons of each of them and which one might be best choice? I'm new to the 401(k) and don't want to make a bad decision. Thanks!

Roth ira [ 1 Answers ]

Can I transfer an ira from one investment company to another

Roth 401-k [ 1 Answers ]

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......

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...

Should I/how to convert IRA-BDA to a Roth IRA [ 0 Answers ]

A few years ago I inherited an IRA. It's now referred to as an IRA-BDA. It is all one mutual fund. As it stands now, when I withdraw from it I have the option of taking out 10-15% taxes on the amount withdrawn, or waiting until tax time to pay it. 1.Would it be more beneficial to change my...

View more questions Search