And, how would opening one impact how much I can save in my traditional 401k and in my Roth IRA?
2007-11-21 05:43:23 · 3 answers · asked by 2007_Shelby_GT500 7 in Business & Finance ➔ Personal Finance
So, if I currently contribute $15K annually to my 401k and $4K annually to my Roth IRA, I would have to cut back on my contributions, but to which one? The 401k or the Roth IRA? Or are there "Self Directed" versions of both?
2007-11-21 05:59:00 · update #1
You open a self directed IRA by opening a brokerage account or a bank savings account and indicate that it is an IRA. There are also companies that let you open and IRA account in which you can buy real estate. Their charges are much higher.
Contributions to your 401K or Roth IRA have no effect on your traditional IRA, the contribution into which are limited by law.
2007-11-21 05:50:12 · answer #1 · answered by Anonymous · 1⤊ 0⤋
any brokerage or bank will open an IRA for you. Once it is open you can start trading your own shares within the IRA, any gain is not taxable, but any loss is not deductible neither. The max you can put in an IRA is $4K, however if you already max out on the 401K ($15K) you cannot add to your IRA, or you could do $11K in your 401K and $4K in your IRA.
2007-11-21 13:50:49 · answer #2 · answered by crapaudblanc 4 · 1⤊ 0⤋
does your 15K in the 401k exceed what is needed to match your companies part if so take it from there and put into you self directed ira!!!!
2007-11-25 09:25:30 · answer #3 · answered by mister ed 7 · 1⤊ 0⤋