Roth IRA, Traditional IRA, 401K » limit

What is the age limit for IRAs contributions?

admin — Sun, 21 Mar 2010 19:03:23 +0000

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.

Two IRAs?

admin — Fri, 12 Mar 2010 13:58:27 +0000

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

Is there any income limit for married couple filing joint so we can deduct a traditional IRA?

admin — Tue, 09 Mar 2010 17:51:09 +0000

What is the maximum income limit to tax deduct a traditional IRA opened in a bank?

admin — Mon, 08 Mar 2010 16:55:45 +0000

Does the amount converted from a traditional to a roth ira count toward the $5000 roth contribution limit?

admin — Thu, 04 Mar 2010 22:42:00 +0000

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?

If my employer funds a SEP IRA in my name, does that impact my Traditional IRA contribution limit?

admin — Sun, 28 Feb 2010 16:35:21 +0000

Links to sites with information are appreciated.

Do rollover amounts from a 401k to a traditional IRA count toward the $4000 contribution limit?

admin — Sun, 28 Feb 2010 16:35:02 +0000

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?

What happens wiith my Roth IRA after I hit the AGI limit‏

admin — Tue, 09 Feb 2010 20:59:40 +0000

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?

Why is there an upper income limit for contributing to a Roth IRA?

admin — Fri, 01 Jan 2010 00:26:56 +0000

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.

Is there an income limit on making a contribution to a traditional IRA?

admin — Sat, 12 Dec 2009 20:43:10 +0000

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?