Author Topic: IRA contribution  (Read 2366 times)

theglobetrotter

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IRA contribution
« on: June 06, 2014, 12:35:51 PM »
Hi all! I can't find this info from Googling. Maybe I'm just Googling wrong...

From what I did get, it seems like I can only contribute $5,500/yr to either the ROTH/traditional? Or did I read wrong and I can deposit $5,500 to each account, so a total of $11k/yr?

I don't have a 401k and only have a ROTH, traditional (a rollover from a 403B) and a tax account. I want to invest more and I want to make sure before I do any transferring. I've already deposited $5,500 for this year.

Thanks!

Bourbon

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Re: IRA contribution
« Reply #1 on: June 06, 2014, 12:38:40 PM »
Hi all! I can't find this info from Googling. Maybe I'm just Googling wrong...

From what I did get, it seems like I can only contribute $5,500/yr to either the ROTH/traditional? Or did I read wrong and I can deposit $5,500 to each account, so a total of $11k/yr?

I don't have a 401k and only have a ROTH, traditional (a rollover from a 403B) and a tax account. I want to invest more and I want to make sure before I do any transferring. I've already deposited $5,500 for this year.

Thanks!

You have it correct, just $5,500 to one.

A_P_

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Re: IRA contribution
« Reply #2 on: June 06, 2014, 01:02:46 PM »
Hi all! I can't find this info from Googling. Maybe I'm just Googling wrong...

From what I did get, it seems like I can only contribute $5,500/yr to either the ROTH/traditional? Or did I read wrong and I can deposit $5,500 to each account, so a total of $11k/yr?

I don't have a 401k and only have a ROTH, traditional (a rollover from a 403B) and a tax account. I want to invest more and I want to make sure before I do any transferring. I've already deposited $5,500 for this year.

Thanks!

You have it correct, just $5,500 to one.

Or $5500 to a combination of multiple. I.E. if you wanted you could put $3000 in a traditional and $2500 in a Roth. Just has to be a max of $5500/yr across all IRA accounts.

theglobetrotter

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Re: IRA contribution
« Reply #3 on: June 06, 2014, 02:23:22 PM »
Great!! Thank you for clarifying the info!!

Frugal Father

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Re: IRA contribution
« Reply #4 on: June 06, 2014, 03:10:58 PM »
A good side note, though. If you happen to be married, your spouse can also open an ira and contribute the $5,500 max as well, regardless of whether she is working or not. That would allow you to put away $11k in IRA's if you wished.

theglobetrotter

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Re: IRA contribution
« Reply #5 on: June 06, 2014, 03:41:42 PM »
Frugal Father, yup, we maxed his out too :) Thanks for the note!

Frugal Father

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Re: IRA contribution
« Reply #6 on: June 06, 2014, 03:46:17 PM »
You're welcome. :)