The Motley Fool Discussion Boards

Previous Page

Financial Planning / Foolish 401(k)s

URL:  https://boards.fool.com/there-are-no-tax-problems-about-contribution-to-a-18008098.aspx

Subject:  Re: 401k and/or IRA Date:  10/17/2002  2:02 PM
Author:  vkg Number:  15428 of 26254

There are no tax problems about contribution to a IRA and 401K at the same time.

The income limits are low for deducting a traditional IRA. The income limits are much higher for a ROTH IRA and no reporting of contributions is required on her federal tax return and probably not for state. The administrator reports contributions to the IRS.

If she is ineligible for a ROTH then there is no income limit for non-deductible traditional IRA contributions. An additional form is required with the tax return to account for non-deductible contributions.

Debra
Copyright 1996-2019 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us