Or does the 15,500 included both the 401k and the Roth? Thanks!
2007-10-30 01:21:05 · 4 answers · asked by jwils509 3 in Business & Finance ➔ Personal Finance
Yes, if you qualify and can afford to do both, absolutely do both. When you retire it'll be good to have some taxable AND nontaxable income.
More importantly, make sure you are investing appropriately for your age and goals.
2007-10-30 03:42:41 · answer #1 · answered by zmj 4 · 1⤊ 0⤋
Yes, you can! And good for you!! However their are income limits to Roth contributions - $160k for joint tax filers and $110k for single filers. If you make this much money you need to get more advice about your Roth, but it shouldn't affect the limit on your 401k (that's $15,500).
Also you have until April 15, 2008 to contribute to your 2007 Roth. And next year (tax year 2008) you'll be eligible to contribute up to $5000. Check out the sources I listed below - you can also find more by searching the internet - I searched for "Roth contributions limits" and another search for "Roth income limits". Good luck!
2007-10-30 04:02:24 · answer #2 · answered by voluntarheel 5 · 2⤊ 0⤋
If you qualify, you can max out a 401k and max out a Roth IRA.
Keep in mind that there are upper income limits on contributing to a Roth IRA.
2007-10-30 01:49:30 · answer #3 · answered by Wayne Z 7 · 3⤊ 0⤋
I don't know ... if had 15.500, I'd buy a new truck
2007-10-30 01:24:37 · answer #4 · answered by onecowboyjake 4 · 0⤊ 3⤋