I had a 401k with my employer in 2006 and the employer and I contributed to that plan in 2006. I left that employer and rolled that 401k account into an IRA account. What if anything can I contribute to that IRA for 2006?
2007-02-18 07:56:10 · 5 answers · asked by Anonymous in Business & Finance ➔ Personal Finance
You can still contribute $4000 (or $5000 if you are 50 years old or older) if the IRA account was opened in 2006. The rollover does not affect your IRA contribution limit.
If your account was opened in 2007, you can only contribute for 2007.
2007-02-21 08:26:50 · answer #1 · answered by Anonymous · 3⤊ 0⤋
depends on your marital status and income limits. Since you had access to a 401k during the year (even though it's only for a portion of the year) you are subject to IRA deduction phaseouts. Check out the IRS website for the Traditional IRA Deduction Phaseout numbers to see where you fall.
Fact that you rolled money into the IRA doesn't matter...only thing that matters is whether your income is below the income phaseout limits.
2007-02-19 05:14:09 · answer #2 · answered by digdowndeepnseattle 6 · 0⤊ 0⤋
sturdy question. i think of it quite is by using tax purposes. The IRS is familiar with on the subject of the muse of any funds going right into a 401K. It has to come again from valid earnings it quite is reported to them. IRAs are diverse, it comprises after tax funds. The IRS gets its cut back in the previous you placed it in, yet they probable do not % people bending rules via including in illegitimate funds.
2016-12-17 13:11:13 · answer #3 · answered by ? 4 · 0⤊ 0⤋
IRA contribution limits are in addition to amounts rolled from another qualified plan.
2007-02-18 08:11:36 · answer #4 · answered by Rob D 5 · 0⤊ 1⤋
What ever bank you rolled it over to should allow you to make deposits whenever you feel like it.
2007-02-18 08:01:03 · answer #5 · answered by Anonymous · 1⤊ 0⤋