Is there a limit to the amount one can contribute to retirement accounts? I spoke to someone today, and he said that since I have an employer sponsored 401k, and a 403b, I can't have a traditional IRA (at least I can't enjoy the tax benefits). I am not sure if that's correct, but where can I find it out? Now, I am aware of the limits on individual accounts (13k for 401k, 12k for 403b for this year), but is there an overall limit, or a limit to the number of tax deffered accounts one can have?Given that you are enrolled in a company retirement plan, the ability to deduct your Traditional IRA contributions is restricted. It will depend on your filing status and your income.For a complete breakdown of how you may qualify, see Page 15 of the IRS Publication 590.If you are filing single or head of household, your AGI must be less than $34k for a full IRA deduction. AGI between $34k and $44k allows for a partial deduction and anything over $44k does not allow the contributions to be deducted.If you are married filing jointly, the AGI ranges are less than $54k for a full deduction, $54k to $64k for a partial deduction and anything over $64k is no deduction.If you are married filing separately, it is pretty safe to assume you will have no deduction as the limit is AGI of $10k.Hope that helps with regard to the ability to deduct your Traditional IRA contributions.dt
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. M