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Started By
Message
Roth with SIMPLE/ 401k
Posted on 5/16/13 at 8:46 am
Posted on 5/16/13 at 8:46 am
I am a 30 year old small business owner. I have some debt involved in the startup of the business, but no credit card or car debt. In the future, I plan on having either a SIMPLE IRA or 401K through the office. I don’t currently have enough liquid cash to fully fund either of those plans right now, but I want to start putting a little away. I have decided on a Roth IRA. My question is this:
If I start a ROTH today and max it out for 10 years, how does that affect me when I switch to SIMPLE or 401k down the road?
If I start a ROTH today and max it out for 10 years, how does that affect me when I switch to SIMPLE or 401k down the road?
1
Posted on 5/16/13 at 10:15 am to Fat Tire
I suppose I don't understand what you are asking.
It shouldn't affect it at all...
It shouldn't affect it at all...
Posted on 5/16/13 at 10:25 am to Volvagia
Can I have both or will I be forced to roll my ROTH into my 401K?
Posted on 5/16/13 at 10:28 am to Fat Tire
Yes you can have both.
You can have 50 Roths if you wanted.
You can have 50 Roths if you wanted.
Posted on 5/16/13 at 10:57 am to Volvagia
quote:
You can have 50 Roths if you wanted.
NO THE frick YOU CAN'T. You can have a Roth & a Simple IRA/401k/SEPP, but you cannot have 2 Roths.
Posted on 5/16/13 at 11:05 am to Vols&Shaft83
quote:
but you cannot have 2 Roths.
Are you saying you can't have a Roth at Fidelity and one at Edward Jones?
Posted on 5/16/13 at 11:06 am to Vols&Shaft83
quote:
NO THE frick YOU CAN'T. You can have a Roth & a Simple IRA/401k/SEPP, but you cannot have 2 Roths.
LINK
quote:
Can I own more than one IRA?
Yes. There's no limit to the number of IRAs you can own, but there are strict limits on how much you can contribute to these accounts during any given tax year. No matter how many IRAs you have or what type—traditional, Roth, or SEP (an easy-to-administer plan for the self-employed or owners of small businesses)—you may contribute no more than $5,500 per year for tax year 2013 ($6,500 if you're age 50 or over).
Posted on 5/16/13 at 11:18 am to HamSandwich
Did I say you can't have 2 IRA'S? NO I DIDN'T, DIPSHIT. Re read my post. You can contribute a Maximum of $5,500 to a ROTH IRA.
Posted on 5/16/13 at 11:23 am to Vols&Shaft83
quote:
Did I say you can't have 2 IRA'S?
Yes. Yes you did. Posted on 5/16/13 at 11:30 am to Broke
No I said you can't have 2 Roths, you can have as many IRAs as you want, you statist bastard.
Posted on 5/16/13 at 11:33 am to Vols&Shaft83
quote:
No I said you can't have 2 Roths, you can have as many IRAs as you want, you statist bastard.
You can have 10 different Roth IRA's. As long as you are not exceeding the yearly max. Are you drinking?
Posted on 5/16/13 at 11:35 am to Vols&Shaft83
thanks everybody.... good talk
Posted on 5/16/13 at 11:37 am to Fat Tire
Vols hits the broker sauce about 9am every morning. Can you come back at 2pm?
Posted on 5/16/13 at 11:44 am to Broke
quote:
Are you drinking?
A little
quote:
You can have 10 different Roth IRA's. As long as you are not exceeding the yearly max.
frick, I must be drunk, you're right. You can have 10 Roths, but what possible reason would someone do that?
Posted on 5/16/13 at 11:46 am to Vols&Shaft83
quote:
Did I say you can't have 2 IRA'S? NO I DIDN'T, DIPSHIT. Re read my post. You can contribute a Maximum of $5,500 to a ROTH IRA.
I tried to tell you but you went all psychotic on us.
Posted on 5/16/13 at 11:53 am to Vols&Shaft83
So now that we've established you're wrong, I have a question. Why you so mad?
Posted on 5/16/13 at 11:55 am to HamSandwich
quote:
So now that we've established you're wrong, I have a question. Why you so mad?
Posted on 5/16/13 at 12:29 pm to HamSandwich
quote:
So now that we've established you're wrong, I have a question. Why you so mad?
I blame Obama
ETA: And Bushmills
This post was edited on 5/16/13 at 12:30 pm
Posted on 5/16/13 at 1:39 pm to HamSandwich
quote:
So now that we've established you're wrong, I have a question. Why you so mad?
Bro, he mad
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