My wife and I have Roth IRA’s. We’re close to the income limits. I would like to setup a monthly contribution rate, but I don’t know if I will over contribute because of year end bonuses.
Should I contribute once, at the end of each year (I know I’ll miss out on the interest)?
I also read about being able to contribute some into a roth and some into a traditional IRA. If anyone can clear this up it would be helpful.
Either way, what would happen if I over contribute?
Thank you.
A) are taxed, but the interest in the fund accumulates tax free
B) reduce your taxes, but the interest income on the IRA is taxed in the year that it is earned
C) reduce your taxable income. the funds in the IRA and the return on the IRA are not taxed until the funds are disbursed in your retirement years.
D) are not taxed once when they are placed in the IRA and again when they are disbursed from the IRA
I guess I am asking WHY that is the law. I’m assuming lawmakers didn’t blindly choose $5,000 as the cap….
I have a fulltime job, and also am an independent contractor. I usually contribute 4k annual to my traditional IRA to get the tax write-off. I heard there are some limitations if you make more than a 100k annual.
Forsyth budget cuts holidays, 401k contributions
CUMMING – At a called meeting Monday, the Forsyth County Board of Commissioners adopted the county’s Fiscal Year 2010 Operating Budget which cuts paid holidays and the county’s contributions to employees’ 401k plans.
Read more on AccessNorthGA
Please cite a source, thank you!
Roth IRA contributions can be withdrawn at any time with no penalties. I am aware of the 60 day (and only once per 12 months) rule, but does this rule apply only to earnings or to all funds that are withdrawn (contributions and earnings)? Can I rollover contributions past the 60 days and/or more than once every 12 months?
Is the only restriction that you can only withdraw contributions after the roth account has been open five years, or are there additional restrictions? For example, if my account has been open 10 years, can I withdraw contributions made 2 years ago?
I have two questions about my employer retirement 401k contributions.
1. The maximum I can put in is $15,500 for 2007. But I started in mid year. Is it prorated from the time I started? Example: I started on July 1, is the contribution $15,500/2 = $7,750.
2. My employer matching is 2:1 up to a maximum of 6% of salary. Example: $50,000 annual salary, employer contribution is $3,000. For every dollar I put in, they will put in $0.50. Is the employer matching of $3,000 included in the $15,500 which means the employee total amount invested is $12,500, or, is it $15,500 from employee plus $3,000 from employer which would equal $18,500. I think it’s the former but just want to check.
Thanks….
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