The Money Mustache Community
Learning, Sharing, and Teaching => Investor Alley => Topic started by: theglobetrotter on June 06, 2014, 12:35:51 PM
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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!
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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.
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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.
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Great!! Thank you for clarifying the info!!
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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.
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Frugal Father, yup, we maxed his out too :) Thanks for the note!
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You're welcome. :)