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Investing/Strategies / Retirement Investing
|Subject: Re: Rollover IRA||Date: 2/5/2001 6:34 PM|
|Author: jrr7||Number: 27699 of 74001|
First-- this is not advice about whether you should or should not buy more of the stocks you have. Wall street traders often say "don't try to catch a falling knife" but it's up to you to decide whether to believe them or not. I'm just answering your question.
If you don't mind giving up the ability to roll the money into a new job's 401(k), you can send $2000 each taxable year to the IRA custodian and direct that it is a contribution towards your IRA. You get to deduct this amount on your taxes for the year you designate, if your income is within certain limits. For instance, right now you could send in $2000 for tax year 2000 and $2000 for tax year 2001.
Keep in mind that the total contribution to ALL IRAs -- whether rollover, traditional, or Roth -- is limited to $2000. [So if you've already established a Roth IRA and contributed $2000 for said years, you can't contribute anything to the other one.]
Please see the Fool's School for "All About IRAs":
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