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Author: dvmben Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121572  
Subject: Simple Roth and 401k question Date: 2/5/2000 6:47 PM
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This is a question for 2000 really:
Maybe someone can help me out. I work for a company and want to contribute my max amount of 10k to the 401k. I will also do a roth as my income allows it. I also have a sideline and would like to do a SIMPLE ira from that (again setting away 6k the max allowed). Can I do the 401k and SIMPLE both contributing the max amount? And a roth too.

Thanks to whoever can help. I know it is off the cuff advice but if someone has some knowledge about this, thanks. I can trade it for advice on your dog.

DVMBEN
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Author: hghcpa Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27397 of 121572
Subject: Re: Simple Roth and 401k question Date: 2/5/2000 9:25 PM
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Maybe someone can help me out. I work for a company and want to contribute my max amount of 10k to the 401k. I will also do a roth as my income allows it. I also have a sideline and would like to do a SIMPLE ira from that (again setting away 6k the max allowed). Can I do the 401k and SIMPLE both contributing the max amount? And a roth too.
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If you contribute the max to the 401k you will not be allowed to contribute to the SIMPLE. They are both considered to be qualified plans and you will be limited to the annual max which is 10,500 deferral for 2000.


If your income is less than 160k (married filing joint) you will be able to contribute 2k to the roth regardless of how much you defer in the 401k

Pete



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Author: dvmben Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27479 of 121572
Subject: Re: Simple Roth and 401k question Date: 2/6/2000 3:47 PM
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Thanks for the answer. Just want to double check. Even if someone has two jobs or a job and self employment income, the total maximal deferal is 10500 for the year 2000. Too bad you can't take a retirement plan in each job and save more.

Thanks again

Ben

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Author: TMFTaxes Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 27519 of 121572
Subject: Re: Simple Roth and 401k question Date: 2/6/2000 6:34 PM
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<<Thanks for the answer. Just want to double check. Even if someone has two jobs or a job and self employment income, the total maximal deferal is 10500 for the year 2000.>>

Correct...

<< Too bad you can't take a retirement plan in each job and save more.>>

It would be nice...but just not the way Uncle Sammy will allow things...

TMF Taxes
Roy

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