Guest mcq0306 Posted March 3, 2002 Posted March 3, 2002 I've got a traditional IRA that was established with money from a 403B account from a previous job. Can I contribute to it every year and to a roth IRA? thx!
John G Posted March 3, 2002 Posted March 3, 2002 You can contribute to either a Roth or regular IRA or even both. However, your maximum annual contribution is for the combination of all IRAs in a specific year.
Guest mcq0306 Posted March 3, 2002 Posted March 3, 2002 thank you, are you saying that I can contribute $3000 maximum-not $3000 to both? (for 2002) thanks again
Guest mcq0306 Posted March 3, 2002 Posted March 3, 2002 also, I'm over the limit to deduct the IRA contributions, does that make any difference in what I can contribute? thx
John G Posted March 4, 2002 Posted March 4, 2002 Roth IRAs have an income limitation/phaseout that depends upon your marital status. When you hit these ranges, you are in the Roth phaseout: Single 95-110k. Married filing jointly 150-160k. Married filing separately 0-10k. Above these income levels, you can not contribute to a Roth. Below these levels (assuming you have sufficient earned income) you can contribute the max amount.
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