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.

I have a SEP IRA , but also planning to open a second: Traditional. Will the 4k limit on the Tradtional IRA effect the SEP?

I am allowed a $5000 Roth contribution. I want to take $2000 from my traditional IRA and convert it into an existing Roth IRA. Can I put in $5000 PLUS the $2000 conversion, or does the conversion limit my contribution to only 3000 additional dollars this year?

Links to sites with information are appreciated.

 

I have contributed the $4000 annual limit to my traditional IRA, and I just remembered that I also rolled over about $1500 from my last employers 401k plan. Will I be penalized for going over the annual limit?

 I currently am a stay at home mom. We are considering converting my traditional IRA to a Roth IRA while at a lower tax bracket. However when I start back to work in a couple of years, we will be above the $176K AGI to make contributions to the Roth.
What are our options then? The Roth still grows, we just can’t contribute. Can we then open an additional Traditional IRA or is there a better option? Or should we not make the conversion?

People over a certain income are not allowed to make any contributions to a Roth IRA. Why? Wouldn’t people with high income rather pay the taxes later anyway (as they would do with a traditional IRA)? In other words, doesn’t this rule just prohibit people from doing something they’d already rather not do?
Mrs. F: in addition to the upper income limit, there’s also a yearly contribution limit ($4000 this year). But Roth IRAs are still very, very, worth it! You can always put more money in next year, and the year after that, etc. Contribute the maximum, or as much as you can, every year; you’ll be glad later.

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?

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