 |
|
| Browse | Ask | Answer | Search | Join/Login |
|
|
||||
|
# of Roth IRA/IRA and Contributions
Can anyone in the banking business tell me if it is true that you can only contribute $6,000.00 a year to your IRA Savings Account? Can you contribute more $? Can you have more than one IRA and more than one Roth IRA and contribute all that you want to contribute each year?
|
||||
|
||||
|
The limit for ALL your IRA contributions is the minimum of (a) your taxable compensation, or (b) $5000 ($6000 if you are age 50 or older). This can be split between traditional or Roth IRA accounts, but the total must be no more than $5K (or $6K). So no - you can't exceed that amount, even if you have multiple accounts. You can read about it here: http://www.irs.gov/retirement/partic...188232,00.html |
||||
| Question Tools | Search this Question |
Add your answer here.
Check out some similar questions!
If you have a Roth IRA and have been contributing to it for a few years and then one year you get _lots_ of overtime and your wife starts to work and combined you make more than the maximum, are you then not allowed to contribute to it? Or is it that you cannot start a Roth if you exceed the...
My wife and I work full time. We are over 50 years of age and have separate IRA's. Together we will gross over $160,000, but our adjusted income will be less than that amount. Based on the information provided, what is the maximum amount we can contribute individually to our traditional and Roth...
I have contributed $4000 in my Roth IRA for 2006. Now I find out that it would be better for me to pay the income tax on an inherited annuity rather than having the estate pay the higher income tax rate. The annuity will be about $175,000, and that would put me over the limit for contributing...
View more questions Search
|
