Finance

Have finance questions? Ask a financial expert online.

Ask an Expert,
Get an Answer ASAP!

This answer was rated:

Have a client, under 50, who participates in a 403()

Have a client, under 50...
Have a client, under 50, who participates in a 403(b) (Contribution limit (18K))1) Can she also contribute to a ROTH IRA, $5,500 (Single) Salary less that limit.
Is there a formula to calculate this ability?
Show More
Show Less
Ask Your Own Finance Question
Answered in 3 hours by:
9/20/2017
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,648
Experience: 15 years of experience in financial advising with emphasis on tax issues.
Verified

Hello, I'm Robin. Welcome to JustAnswer. I'm reviewing your question now and typing up my reply. I'll post that in just a few moments.

Ask Your Own Finance Question

If her salary is less than the $5500 she can not contribute the full $5500 but up to the amount of her salary.

To put it another way if she has a salary of $5000 then she can contribute up to $5000 and no more. The same general contribution limit applies to both Roth and traditional IRAs.

A positive 5 star rating is appreciated so I am credited for assisting.

Ask Your Own Finance Question
Customer reply replied 1 year ago
Hi,Her Salary is approx. 100K.
So she can fully contribute to 18K to a 403(b) in here Non-Profit company.
Then she can contribute another $5500 in a Roth IRA?

if they are age 50 or older, they can make a contribution to 403(b) and to a Roth IRA

Ask Your Own Finance Question

At $100k in wages she would only be limited if she was married but filed a separate return from the spouse.

A positive 5 star rating is appreciated so I am credited for assisting.

Ask Your Own Finance Question
Customer reply replied 1 year ago
HI,She is 35 age. I thought I recalled that if you participate in a plan the was some formula limiting the dual contribution.

That is for a TRADITIONAL IRA and how much one can deduct if they are covered by a retirement plan

TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,648
Experience: 15 years of experience in financial advising with emphasis on tax issues.
Verified
TaxRobin and 87 other Finance Specialists are ready to help you
Ask your own question now
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a financial professionalLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask TaxRobin Your Own Question
TaxRobin
TaxRobin
TaxRobin, Senior Advisor
Category: Finance
Satisfied Customers: 18,648
18,648 Satisfied Customers
Experience: 15 years of experience in financial advising with emphasis on tax issues.

TaxRobin is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Rakhi Vasavada

Rakhi Vasavada

Financial and Legal Consultant

2,609 satisfied customers

Graduated in law with Emphasis on Finance and have have been working in financial sector for over 12 Years

Megan C

Megan C

Certified Public Accountant (CPA)

2,222 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

Manal Elkhoshkhany

Manal Elkhoshkhany

Tutor

1,933 satisfied customers

More than 5000 online tutoring sessions.

JKCPA

JKCPA

CPA

844 satisfied customers

Bachelors degree and CPA with Accounting experience.

Eric

Eric

Financial Manager

559 satisfied customers

Loan servicing, counseling and real estate expert. Foreclosure Expert and Financial Planner.

R. Klein, EA

R. Klein, EA

Accountant

480 satisfied customers

TurboTax Expert. QuickBooks Certified Pro Advisor

Dimitry K., Esq.

Dimitry K., Esq.

Attorney

332 satisfied customers

NASD Licensed Rep, 1997-2001, Business Attorney

< Previous | Next >

Related Finance Questions
I have a client (Age 40s) who joint income exceeds the limit
I have a client (Age 40s) who joint income exceeds the limit of a ROTH IRA. However, both fully participate in their company's 401(k) to the limit of $18,000.1) Can they still open a Personal IRA with… read more
TaxRobin
TaxRobin
Senior Advisor
Vocational, Technical or Trade School
18,648 satisfied customers
Question on SEP IRA contribution A client has Sch C Income
Question on SEP IRA contributionA client has Sch C Income and also 100% owner of a scorpFor 2017 he took 40k in wages...Did a salary deferral of $18k and did employer contribution of 10k.Question is w… read more
Carter McBride
Carter McBride
LLM
1,338 satisfied customers
I am contributing 12% to my 401k at work. can I still
I am contributing 12% to my 401k at work. can I still contribute to a roth or traditional ira? what is contribution max? … read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,711 satisfied customers
If a client is participating in a companies 403()? A) Can
Hi, If a client is participating in a companies 403(b)?A) Can they also contribution to their own Traditional IRA and deduct the amount, as long as the total contributions (Company + Trad IRA) does no… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,711 satisfied customers
If a client is works at two companies, which both have 403()
If a client is works at two companies, which both have 403(b) retirement plans, can they participate in both as long as they do not exceed the IRA contribution limits?… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
Master's Degree
2,711 satisfied customers
I began my employment in Aug of 2016, and specified a large
I began my employment in Aug of 2016, and specified a large 403(B) contribution shortly after I started, in order to ensure that my contributions would be maxed out by the end of the year.Unfortunatel… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Ministers Retirement Plan. How is a Roth IRA setup for the
Ministers Retirement Plan. How is a Roth IRA setup for the pastor? Want tax free future income. What would be the best vendor to setup this account. Is there such an account under 403?… read more
TaxRobin
TaxRobin
Senior Advisor
Vocational, Technical or Trade School
18,648 satisfied customers
My Client's contribution to their employer's 403() is 18K,
My Client's contribution to their employer's 403(b) is 18K, their joint income is below 186K. Can they each contribute the 2017 limit of $5,500 each to a Roth IRA?… read more
TaxRobin
TaxRobin
Senior Advisor
Vocational, Technical or Trade School
18,648 satisfied customers
What are some investment options to avoid tax liability? I
What are some investment options to avoid tax liability ? I am making better money and I would like to reduce my tax liability. Can I contribute more to my HSA ? What options are available ?… read more
TaxRobin
TaxRobin
Senior Advisor
Vocational, Technical or Trade School
18,648 satisfied customers
I don't like my companies 401(K) plan and want know my
I don't like my companies 401(K) plan and want know my options regarding tax deferred retirement plans if I don't want to go through my employer.… read more
TaxRobin
TaxRobin
Senior Advisor
Vocational, Technical or Trade School
18,648 satisfied customers
My hubby and I are looking to start retirement investments.
My hubby and I are looking to start retirement investments. We both turned 50 last year. He owes his own company(S-Corp), I work for a public school, so I have a 403(h) and I also have a small Schedul… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
I am a retired 65-year-old woman. I am not earning money.
I am a retired 65-year-old woman. I am not earning money. Can I still open up a Ira account and put money in until I'm 70. If so how much can I put in each year?… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
39 yrs old. self employed, spouse is business partner. just
39 yrs old. self employed, spouse is business partner. just started a simple IRA 2 years ago. Thinking of starting Roth IRA, which is best, ***** ***** traditional? Can I also add a 401K(sep or keogh … read more
PDtax
PDtax
Owner
Master's Degree
1 satisfied customers
what is the maximum retirement contribution one can make in
what is the maximum retirement contribution one can make in a given year? I am 35 years old and have a 401K through my employer and maxing that out. Also, have Investment income and self employment in… read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
New job, decision on retirement plan option, choice of 403
New job, decision on retirement plan option, choice of 403 or 457 can't fund both, comparison or recommendation.… read more
Charles Greiner
Charles Greiner
Owner
Bachelor's Degree
2,436 satisfied customers
Hi I just finished medical school and I just inherited some
Hi I just finished medical school and I just inherited some money. I want to get started on retirement. Do Doctors use a 401K or 403b? If I don't work with a hospital yet, how do I get started? Can I … read more
Anita L. Eisthen, CFA, CPA, MBA
Anita L. Eisthen, CFA, CPA, MBA
Owner and Chief Investment Officer
Master's Degree
83 satisfied customers
Can I contribute to my 401K and a Roth IRA in the same year
Can I contribute my yearly contribution limit to my Roth IRA and my 401K in the same year?… read more
Dave Z
Dave Z
Self-Employed
Bachelor
418 satisfied customers
What amount of my 401(k) and/or Traditional IRA can be...
What amount, if any, of our (my wife and myself) 401(k)/403(b) and/or Traditional IRA contributions will we be able to deduct on my 2007 taxes if my annual household income is $115k. I estimate our pe… read more
LEV
LEV
Retired
Bachelor's Degree
14,896 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x