Can we contribute to a deductible IRA and if so how much? So far we max out our contributions to Roth IRA's every year. Also, my wife has about $8000 per year put into a 401k plan by her employer.
2007-12-18 18:17:37 · 3 answers · asked by Meadowlark 2 in Business & Finance ➔ Taxes ➔ United States
Here's your chart for IRA contributions:
http://beginnersinvest.about.com/cs/iras/a/iracontribution.htm
You can have Roth AND traditional, but the TOTAL contribution is limited by law.
2007-12-18 18:29:19 · answer #1 · answered by heyteach 6 · 0⤊ 0⤋
Each individual can contribute $4K to an IRA. It doesn;t matter which one, but the total Roth or Traditional, can add up to $4K.
2007-12-18 18:29:08 · answer #2 · answered by catinthehat99 3 · 0⤊ 0⤋
If you have already maxed out a Roth, you can not put any money in to a traditional.
2007-12-19 00:55:28 · answer #3 · answered by Wayne Z 7 · 1⤊ 3⤋