How much money do you need to open a roth ira account?

Question

also what is the yearly earning limit for a traditional ira account?

Answer 1

Not sure on your earning limit question, but at H&R Block you only need 300 to open any IRA

Answer 2

Both the Roth and the Traditional IRA's have a limit of $4000.

You can have both a Roth and traditional but they can not exceed $4000 such as $3000 in the Roth and $1000 in the traditional. There combined amounts contributed cannot go over the $4000.

Every company varies, some will require you to start with $500 while others only $100. So look around and see where you fit in to the scheme of things.

: )

Happy Investing !!!

Answer 3

There is no minimum for any IRAs. But it will depends upon the broker or bank where you will open the IRA account.

For 2006& 2007, maximum contribution allowed for ROTH IRA is $4000 per year if you are within income limit. ($5000 for age >= 50).

TRADITIONAL IRA:

Actually there no income limit for just to put money in Traditional IRA account. To open a Traditional IRA account:

* You (or, if you file a joint return, your spouse) received taxable compensation during the year, and

* You were not age 70½ by the end of the year.


But to make your contribution tax deductible there are yearly income(earning) limits.

For 2006, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is:

* More than $75,000 but less than $85,000 for a married couple filing a joint return or a qualifying widow(er),

* More than $50,000 but less than $60,000 for a single individual or head of household, or

* Less than $10,000 for a married individual filing a separate return.

Answer 4

This depends upon who will be the custodian of your money. The max is $5,000 for 2007 and an additional $1,000 catchup if you are at least 50. You can convert an unlimited amount from a Traditional IRA, however you will pay tax on the amount you convert. The earning limit for 2006 depends upon your AGI and other contributions you may have made throughout the year or with an employer

Answer 5

There is no official minimum, but each investment firm/bank has their own minimum that you have to have in order to open an account.

Vanguard (one of the best, biggest, and lowest cost mutual fund companies) has a $3000 minimum to open an IRA, but they lower that minimum to $1000 (I think) if you set up an automatic investment plan. Check around; I've heard of minimums as low as $50 (especially if you're willing to set up automatic payments).

Also, you can ALWAYS contribute the annual max ($4000 this year) to a Traditional IRA--there are no income limits. Also, if you don't participate in a work sponsored retirement program, then the contribution is always deductible--again, there are no income limits.

But if you DO have a 401k or other retirement account at work, then you can't take a deduction for your Traditional IRA contribution unless you fall within certain income limits ($50000 or less for a single person in 06; $52000 or less for a single person in 07).

Answer 6

The amount varies from company to company. I started an Automatic Investment plan (contributions taken out every month) with $50 at Franklin-Templeton. The most you can contribute to an IRA in 2007 is $4,000 unless you qualify for the catch-up contributions (over 55 I think). Your IRA can earn unlimited amounts. You also have to have income to match your contributions (i.e. if you contribute 4,000 in 2007, you have to have made at least 4,000 from employment).

Answer 7

Depends on the rules for the institution you're opening it at. Vanguard requires 3000 to open on.

The yearly earning limit is as good as the fund you're in gets - if I understand that question correctly.

Answer 8

Many investment firms give you two options for minimum deposit. Option 1 would be something like $250 minimum deposit. Option 2 minimum $50 auto monthly deposit. Your best bet is option 2. Set it and forget it.

Answer 9

There is no minimum and the max is $4000

Answer 10

i think its a thousand