the roll-over ira and the roth ira are in different mutual funds, and I have been putting money into both accounts.
2006-12-30 19:17:48 · 4 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
The annual IRA contribution limit is $4,000. You can put it all in one account or split it between accounts any way you wish.
2006-12-30 20:20:37 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋
Also, you cannot contribute to the roll-over IRA if you are contributing to a 401k plan. You can still contribute to the Roth IRA if you are under the income limits (something like $80,000/yr for single, $160,000/yr for married). You have until April 15, 2007 to make your 2006 contributions - just make sure you specify what year you want them to go towards.
2006-12-31 21:07:59 · answer #2 · answered by Stu 3 · 0⤊ 0⤋
There is no limit on a roll-over if it goes from 401k to traditional IRA. $4000 max/year on new contributions though which is combined total for both.
2006-12-31 14:52:19 · answer #3 · answered by parsonsel 6 · 0⤊ 0⤋
$4,000 -fiscal year 06 & 07, but if you are older than 50 you can contribute $5,000.00
Review link attached for rules in 2008, including the catch up clause for those over 50
2006-12-31 04:25:56 · answer #4 · answered by blackedge02 2 · 0⤊ 0⤋