The Money Mustache Community

Learning, Sharing, and Teaching => Investor Alley => Topic started by: theglobetrotter on June 06, 2014, 12:35:51 PM

Title: IRA contribution
Post by: theglobetrotter 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!
Title: Re: IRA contribution
Post by: Bourbon 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.
Title: Re: IRA contribution
Post by: A_P_ 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.
Title: Re: IRA contribution
Post by: theglobetrotter on June 06, 2014, 02:23:22 PM
Great!! Thank you for clarifying the info!!
Title: Re: IRA contribution
Post by: Frugal Father 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.
Title: Re: IRA contribution
Post by: theglobetrotter on June 06, 2014, 03:41:42 PM
Frugal Father, yup, we maxed his out too :) Thanks for the note!
Title: Re: IRA contribution
Post by: Frugal Father on June 06, 2014, 03:46:17 PM
You're welcome. :)