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My wife is not employed, but I am. What is the max 401k
My wife is not employed, but I am. What is the max 401k limit that I can contribute? Is it 18,500, or can I contribute more for my wife? I make about $245,000. Can I do a Roth IRA AS WELL?… read more
Robin D.
Robin D.
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Vocational, Technical or Trade School
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I am trying to move about $125k from a traditional IRA that
I am trying to move about $125k from a traditional IRA that is 100% deductible/post tax to a 401k. The plan was to then make a $5,500 non-deductible (after tax) contribution to a Traditional IRA, and … read more
taxmanrog
taxmanrog
Master's Degree
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If you have a roth 401K at work and maximize that out, are
If you have a roth 401K at work and maximize that out, are you also allowed to contribute $5,500 to a non deductible IRA if you want?… read more
Chad EA, CDFA®, CFP®
Chad EA, CDFA®, CFP®
IRS Enrolled Agent, CFP(R),
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I need to know how much I can contribute to a roth or
I need to know how much I can contribute to a roth or traditional IRA for 2017. I am single and gross income is about $140,000. I also have contributed about $7,800 to my 401k plan… read more
Lev
Lev
Retired
Bachelor's Degree Equivalent
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What is the maximum contribution to 401k and Roth 401k for
What is the maximum contribution to 401k and Roth 401k for 61 year old? Are they separate limits or are they combined?… read more
emc011075
emc011075
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Bachelor's Degree
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I know I can withdraw 10k from my 401k for a down payment
Hello,I know I can withdraw 10k from my 401k for a down payment with no penalty. Is this pre or post tax?Thanks, Alex… read more
emc011075
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Here is my story: I had a Roth IRA coming into 2015 and
Here is my story: I had a Roth IRA coming into 2015 and converted a former employer's 401K to a traditional IRA in 2015. I misunderstood the contributions limits and contributed $5,500 to each IRA. 1)… read more
Lev
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I live in VA and have about just refinanced my house out of
I live in VA and have about just refinanced my house out of a 6.25 % to a 3.75%, owe 2-3k in credit card debt, have a 25k student loan, 90k in the bank........I am going to open (2) VA 529s for their … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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NON-DEDUCTIBLE IRA: HUSBAND AND WIFE, BOTH AGE 40, FILE A
NON-DEDUCTIBLE IRA: HUSBAND AND WIFE, BOTH AGE 40, FILE A JOINT RETURN. HUSBAND PARTICIPATES IN HIS EMPLOYER ROTH 401K AND WIFE PARTICIPATES IN HER EMPLOYER 401K. YEAR 2015 AGI = $250,000. PLENTY OF E… read more
Robin D.
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Senior Tax Advisor 4
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A married couple who file jointly & both participate in 401k
A married couple who file jointly & both participate in 401k plans with their respective employers, each made Roth IRA contributions of 5,500 in 2015 for the 2014 tax year. They efiled their Federal F… read more
emc011075
emc011075
Tax advisor and Enrolled Agent
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In 2014 I contributed the max $5500 to a Roth IRA thinking
In 2014 I contributed the max $5500 to a Roth IRA thinking I would make less than $100k year. It turns out I made $130k which disqualifies me IRA. Turbotax is advising me to take a distribution of the… read more
Robin D.
Robin D.
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I contributed $5,500 to a traditional non-deductible (due to
I contributed $5,500 to a traditional non-deductible (due to income) IRA for 2013 with a current value of $5,500 and am thinking of converting this to a Roth IRA. My only other retirement assets are i… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
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Hi. I have a Traditional IRA with just a few thousand dollars
Hi. I have a Traditional IRA with just a few thousand dollars in it, which I established with tax-deductible (pre-tax) money years ago before I had a 401k. Today, I am above the ~$180K income limit an… read more
jgordosea
jgordosea
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Bachelor's Degree
2,885 satisfied customers
Hi Steve! How are you doing? Good I hope. Heres my query:
Hi Steve! How are you doing? Good I hope. Here's my query: Can a Sch C Sole Prop take the maximum Simple 401K allowed AND the maximum to a Roth IRA (or even a Traditional IRA). I believe she can.… read more
R. Klein, EA
R. Klein, EA
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My MAGI for 2012 was $141K (married filing jointly). Im an
My MAGI for 2012 was $141K (married filing jointly). I'm an idiot with finances, requiring both Quicken and Turbotax to make any sense of it. In 2012, I rolled over 32K from a previous job to an exist… read more
R. Klein, EA
R. Klein, EA
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HELLO, I JUST TOOK OUT A 401K LOAN FOR $20,000 AND I WAS TOLD
HELLO, I JUST TOOK OUT A 401K LOAN FOR $20,000 AND I WAS TOLD THAT I WILL BE PAYING MYSELF INTEREST AND NOT A BANK. IF THAT IS THE CASE, WHY SHOULD YOU HAVE TO PAY INTEREST AT ALL? IS THAT AN IRS REQU… read more
Megan C
Megan C
Certified Public Accountant (CPA)
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I am married, over 50 and have MAGI over $177K...I have made
I am married, over 50 and have MAGI over $177K...I have made reg IRA contributions of $6k for each of myself and my spouse ($12K total) during calander 2010 for tax year 2010 out of earned income for … read more
Bill
Bill
Master's Degree
3,132 satisfied customers
I have a question about IRAs. I am an expatriate working overseas,
I have a question about IRA's. I am an expatriate working overseas, and have met the physical presence requirement (330 days out of the US). I am married filing jointly, and my gross income exceeds th… read more
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