If I have 401k plan through the office, Is it possible to contribute to ROTH IRA too ?

Answer 1

Yes. As long as your income do not excedd 97-98 k limit for single. Take the advantage of the ROTH. it is the most powerful choice for youngster. do not delay

limit for ROTH IRA in 2006 is 4000, if you are 50 and older, add another 500

limit for 2007 is 5000, 500 more if you are 50 and older

At the age of 32, I amassed 62000 in 401k, 11000 in roth IRA, 30000 in taxable account.

You should do it

Answer 2

Whoa, slow down there big boy. Two separate entities. 401k plan is a company contribution investment plan. A Roth Ira is a private savings account for your retirement. You can always contribute to your Ira, up to a certain amount per year, check with your investment bank to find out the limitations. Of the two you should be putting way more in the IRA than in the 401 k. Who knows the business may go belly up, or you may quit or get fired. All of these things mean no more 401k and a huge loss to you.

Answer 3

There are 2 aspects on your question. The 401k plan or a Roth IRA are in basic terms mechanisms to regulate your earnings tax responsibilities. There are additionally Roth 401k plans. no remember in case you go with one plan over yet another is in accordance with while does it make the main experience to pay your earnings taxes, now while you're in a low marginal fee earnings tax bracket (say 15%) now or once you retire and start up retreating the money. possibility is predicated on the investment concepts which you go with. you could choose a good extra riskier investment determination in a Roth IRA in basic terms as particularly. The serious factor is while you're chasing extreme rewards or returns, you will adventure better volatility or possibility. you ought to to bypass over your investment possibilities with the representative of the 401k plan administrator to strengthen a finished plan that fits your possibility tolerance. The 401k representative could desire to be authorized to furnish education the place the IRA provider has regulations on how plenty suggestion that they are able to grant particular on your subject.

Answer 4

Yes you can have both but I think you need to set up the ROTH outside of your employeer. At least that is what I did, but I have STRS which is the teacher retirement version of a 401k.

Answer 5

Yes you can contribute to a Roth IRA as long as your AGI falls within the income limits ($95,000 single $150,000 married).

Answer 6

yes, but there are limitations to how much u can contribute..also u can only contribute to a roth ira if u make under a certain amount.

Answer 7

Of course. Just make sure you're getting your full company match through the work 401k, because that's free money!!!

Answer 8

Yes Roll over account

Answer 9

Yes.

Answer 10

Yes, it is. Up to $4,000 this year. You have to set it up on your own. The money goes in AFTER tax.