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Investing/Strategies / Retirement Investing
|Subject: Re: F4 and IRA limit||Date: 11/3/1999 12:09 PM|
|Author: TMFPixy||Number: 15071 of 83102|
Greetings, James, and welcome. You wrote:
<<I have read that an IRA is perfect for the F4 startegy. I will be starting a F4 port this year and have much more than the $2000 annual limit I can put into an IRA. What can I do?
Open an IRA account with the $2000 and put the rest in a taxable account? Then move another $2000 every year from the taxable account into the IRA account?
Can I put more than $2000 into an IRA but only deduct the $2000 from my taxes?>>
You don't say where that money is coming from, so I assume it's now in something taxable. Thus, assuming you have the earned income of at least that amount, you may only contribute a maximum of $2k to your IRA. You may not contribute more than that unless you wish to pay penalties and end up in a big hassle with the IRS.
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