I have a 401k (TSP) account, traditional IRA, and Roth IRA. What are my contribution limits to each?

Question

I am married and our income is under $50,000 per year.

Answer 1

Paula M is WRONG.
You can have all 3. As VinTek said, your combined contributions in both Traditional and ROTH IRA cannot exceed $4000/tax year. You can spread this $4000 across any number of accounts you want.

ROTH IRA is NOT NECESSARILY better than Traditional IRA as VinTek implied. For tax purposes, if you want to bring down your AGI, and if you're eligible ( since you're married - filing seperately/Jointly...Your AGI etc. ), you may prefer Traditional IRA today instead of TAX FREE advantage of ROTH IRA down the line.

If you have patience, you might want to go thru' the link below:
http://www.401khelpcenter.com/2006_limits.html

Also check out http://www.401khelpcenter.com/

Answer 2

Your maximum contribution limit to the 401(k) account is $15,000 in 2006. You combined maximum for the traditional IRA and the Roth IRA is $4,000, but I can't imagine why you'd want to put anything into the traditional IRA if you can put the whole $4K into the Roth IRA.

Answer 3

401K max (under 50) = $16500 Roth IRA max (under 50) = $5000 With a income of $55000, except you have different income, it truly is probable no longer reported to max out the 401K. you ought to nonetheless make investments that lots money, in case you could arise with the money for it. even however, you ought to probable positioned some right into a extra liquid investment. With the 401K you would be penalized in case you're taking it out formerly age fifty 9.5. The Roth has extra flexiblity pertaining to to withdrawals, even yet it does not be like in my view held inventory or mutual money.

Answer 4

You better get with a tax accountant. You have one too many accounts. You can't have both an IRA and Roth IRA and maybe other restrictions as well. Don't delay...