Here's something that's baffling, and maybe only a tax expert can explain it to me.
We got a letter from our HR dept. at work recently, setting forth the limits we can contribute to our 403(b)s. I think it is something like $24K. And the only way to contribute is to have it taken out of my paycheck.
Now, I can only contribute $6,500 to an IRA/Roth. I did this last year when I got a lump sum of money, and intend to do so for 2017. (I had asked the 403(b) rep about contributing an 'outside' lump sum and when he said no, I opened the IRA).
Why such a difference? Why can I put way more money into my work account than my private IRA? Does anyone know?
Thank you, folks.
