My wife’s company just added a 401k and I am considering contributing to it but was wondering if there are limits to max 401k contributions if we file married/jointly? I currently max out my 401k account and I know with our combined income status IRA contributions are no longer tax deductible so I am worried adding to her 401k will bring the same limitation.

Hi. I heard somewhere that you can contribute to IRAs until you are 70,5 years of age.Is this true? If yes, what is the maximum you can contribute to the IRAs?Thank you.

Last year my income went over the limit of Roth IRA, so I wanted to open a Traditional IRA account, while keeping the Roth at the same time. Is it OK to do that? Can I contribute to the Roth account while having Traditional IRA? Thank you in advance.

I have around 40K in funds and Roth Ira, if I didn’t contribute anything to Roth Ira, do I still have to file anything because I have it?

I have already contributed $4,000 to my Roth IRA at Vanguard for 2006. I was on the site to make a $1,000 contribution to my Traditional IRA, and the site said I’ve already made my maximum allowed contributions. I haven’t contributed anything to my Traditional Roth this year.

I was under the impression I could contribute $4k each to a Roth and a Traditional IRA each year. Am I wrong?

A second question. I still have a 401K with a former employer. Can I contribute money into that still?

My husband and I contribute to all of those in my question, but I’m not sure what the max is we can contribute all together.

In tax year 2006, Since I am over 50 years old, I contributed $5,000 to a traditional IRA because I wanted to reduce my taxable income. My 401k contributions brought my income just a little over $50,000 so I was able to reduce my income by most of $5,000. Is there a limiy as to how much I can have my employer deposit into my 401k account? My income will increase a little and want to be able to contribute more so that my 2007 taxes can be reduced by a $5,000 traditional IRA contribution.

I am 58 years old and have some money in a savings account. I am considering opening a Roth IRA for myself and my husband with the maximum contribution. I also am contributing to a 401K through my employment (NOT employer matched). Can I contribute to my 401K at work and also contribute to a Roth IRA?

Let’s say for 2008, I would like to contribue the $5k (max amount) to my traditional IRA and another $5k to a Roth IRA. At the same time, I’m an active participant to an employer sponsored 401k plan. I will be filing on single status. Can I do this?

I have both earned and unearned (dividend, investment, interest) income. My earned income is excluded from my US tax return since I’m physically outside the US. Can I still contribute to a Roth IRA?
Thanks, I thought so. I also assume I have to exclude either all or none of my foreign-earned income if it’s below the threshold.

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