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|Subject: contribution limits using Roth IRA and Roth401K||Date: 3/2/2011 11:49 AM|
|Author: VTAlumni||Number: 68589 of 76882|
My company recently opened up a Roth 401(K) option that I'm sending about $6,000 a year to currently in addition to my normal 401(K) contributions and matching.
I have a Roth IRA that I opened years ago but have not contributed to in a while. I'd like to start putting more money there als (probably $3,000-$5,000 a year), but wanted to make sure that the contribution limits for the Roth IRA are not effected by my Roth 401(K) contributions I just started at my company.
I'm assuming the two are completely separate and limitations on contributions don't overlap, but just wanted to ask to make sure.
Roth 401(K) Contribution Limit for 2011: $16,500
- I'm currently sending $6,000 a year there from my paychecks
Roth IRA Contribution Limit for 2011: $5,000
- I'd like to contribute up to $5,000 a year here (is this ok?)
I'm well under the catch-up age
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