Roth IRA, Traditional IRA, 401K » maximum

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 $5K maximum IRA contribution apply to Roth IRAs only? Does it also apply to employer-sponsored 401Ks?

admin — Thu, 28 Jan 2010 00:27:12 +0000

Is there a maximum contribution amount for employer-sponsored 401K plans? Does your total combined IRA contribution for ’08 (that’s Roth IRA plus 401K) have to be $5,000 or less?

Is there a maximum amount you can withdraw from IRAs at age 71 without penalties?

admin — Sat, 23 Jan 2010 00:36:37 +0000

My husband wants to cash in two IRAs that are earning very low interest. He will use the money for buying a house to fix up for rental. Would it be best to do this or to take out the minimum amount and cash in regular CDs which have not matured?

Also, does the date the IRAs were purchased matter? Other smaller IRAs were combined with these about a year ago – could that be a problem?

Thanks for your help!

Maximum Annual Contribution to Traditional and Roth IRAs?

admin — Thu, 21 Jan 2010 03:38:36 +0000

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.

What is the maximum I can contribute to 401k?

admin — Fri, 25 Dec 2009 16:54:11 +0000

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.

What is the maximum yearly contribution to 401k plans?

admin — Sun, 29 Nov 2009 20:26:50 +0000

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.