Assume $4k is the yearly max per the IRS. I am just curious if I can put the max in EACH plan or just in total. Thanks!
2007-05-11 07:10:20 · 5 answers · asked by Thomas B 1 in Business & Finance ➔ Taxes ➔ United States
No. 4K is maximum IRA contribution, for those under 50. If you are under another retirement plan, you may not be able to contribute 4K.
2007-05-11 07:19:26 · answer #1 · answered by BS 3 · 0⤊ 1⤋
The $4000 limit is a TOTAL for all IRAs both traditional and Roth. BS is mistaken about the retirement plan restriction. It limits your DEDUCTION and can make you ineligible for a Roth IRA, but you can still make a nondeductible contribution to a traditional IRA up the the $4000 limit.
2007-05-11 18:52:38 · answer #2 · answered by STEVEN F 7 · 0⤊ 0⤋
You can contribute UP TO 4K TOTAL in any combination that you want to, but you cannot EXCEED 4K per year (unless you are OVER the age 50, in which case you can go up to 5K total).
2007-05-11 14:21:07 · answer #3 · answered by Linda 1 · 1⤊ 0⤋
$4k total between both.
2007-05-11 14:14:24 · answer #4 · answered by Wayne Z 7 · 1⤊ 0⤋
Total, not each.
2007-05-12 00:03:54 · answer #5 · answered by Judy 7 · 0⤊ 0⤋