Skip to main content
No. of Recommendations: 0
I was a part-time employee for the first half of 1998. My husband does not have earned income. My employers have a SIMPLE IRA plan to which employees can make a maximum contribution of $6,000.00 per year. At the beginning of the year, I opened Roth IRA accounts for my husband and myself and we contributed $2,000 to each from our savings. I understood that we were allowed by law to contribute to both Roth IRA accounts and the SIMPLE IRA plan at my place of employment. I contributed the maximum of $6,000 to my SIMPLE account. Later I quit my job.

My question is: Are our contributions to these three IRA accounts limited to the total of my earned income for the year? As it turned out, I quit my job before I earned the total amount that I contributed to the three accounts. If I have contributed too much (contributions to the three accounts total $10,000) to these accounts because my earned income was less, what do I do about it now?
Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
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.
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.