I have both a Traditional IRA and a Roth IRA. Each IRA has a maximum annual contribution of $4000. Is this maximum for each type or IRA individually, or is it a total for all IRAs?

If it is per type, then I could contribute $4000 to my Roth, and $4000 to my Traditional in the same year.

If it is total, I could contribute $4000 split between the two.

For the past 4 years I was self-employed and contributed $5000 annually to a traditional IRA (before-tax). Now I work at a company that has a 401(k) plan and matches 3% (vested over 5 years). So my questions are, can I contribute to BOTH? And what are the limits? My w-2 will have the “ret” box checked on it, so I might get hit with an over-contribution if I contribute too much. But right now I am looking to save for retirement and this is a good year for me to stick as much away as possible.

I just realized that I contributed $1000 to ROTH IRA , but I also contributed $4000 to Traditional IRA. I assume it is not ok, but I don’t know what I should do now. I don’t think it will affect my refund, but do I still need to file corrections? Thanks for any help!

I contributed $5,000 to my roth IRA in 2008. How do I declare this when filing taxes? My company has not provided any 1099 or other document, are they supposed to? I plan to file my taxes using Turbo Tax, how/where should I declare the contribution?
Awesome, thanks for the answers. I knew it wasn’t tax deductible, I just thought I had to declare the contribution as income. Thanks all for the clarification.

I know there are income limits on contributing to *Roth* IRA. I also know there are income limits on *writing off* a contribution to a Traditional IRA. I’m not asking either. I’m asking are there income limits on making a contribution to a Traditional IRA?

Like the question asks what is the combined total limit for the Roth 401k and the Roth IRA? I’ve read too much conflicting information that you can contribute the full 5k in the Roth IRA and 14k in the Roth 401K? Then I’ve checked with financial advisors and they indicate otherswise. Hm, please CITE sources with your response, need accurate information.

Lastly, if anyone know what the combined limit between the Roth401k, Roth IRA and the traditional 401k also list it as well.

Thanks!
Can Icontribute to all three: Roth 401k, 401k and the Roth IRA?

I know you can do the last two but what about all three?

I am of course referring to just partial amounts so I don’t exceed the 15k annual limit and the as far as I know the 5k limit for the Roth IRA is considered separate. Thanks!
Forgot to mention within the Roth IRA AGI limits and under the age of 50.

I contributed $6000 to a Roth IRA in 2006, which caused an excess of $2000. It is now after the tax-filing deadline with extension. I know that there is a 6% excise tax penalty already. My question is: Are there any taxes if I withdraw the $2000? And would the early distribution penalty 10% apply since I am under 59 1/2?

The limit for a Traditional 401k is $15,500/year, and the limit for a ROTH 401k is $4000/year. However, this year I put $3000 in my Traditional, and $1500 in my ROTH 401K, and Turbotax says I am over my legal limit. There seems to be a conflict in the tax code, so I must be misunderstanding something. Even my payroller and retirement account company are confused.

Roth ira, roth ira rules,what is roth,retirement plan roth ira 2010,roth ira qualification,what does a roth ira do,ira for minors,simple roth ira calculator