UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next
Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 78667  
Subject: Re: 1 401(K) and 2 Roth IRAs? Date: 5/24/1999 5:26 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
Greetings, Cami72, and welcome. You asked:

<<As a self-employed individual I am very interested in making contributions to a Roth IRA and know about the $2,000 limit. My question is this: can my husband also contribute $2,000 to his own Roth IRA if he already participates in a 401(K) plan through his employer? If so, would that $2,000 affect his maximum contribution to the 401(K)?
Married filing jointly, we fall well within the $150-$160K income limit. While I don't see it happening in the near future, what happens with the Roth IRA(s) if we eventually exceed that limit?>>

Yes, your hubby may paricipate in his 401k and have his own Roth IRA, too. His $2K contribution to a Roth will not affect his 401k plan contributions in any way.

All that happens when your joint AGI exceeds $160K is you may no longer contribute to a Roth IRA. What's already there may stay there. BTW.., Even if you can't contribute to the Roth, you can always contribute to a nondeductible traditional IRA as long as you have the earned compensation to do so and you're younger than age 70 1/2.

Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (6) | Ignore Thread Prev | Next


The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Berkshire Hathaway

A Financial Prognostication
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.