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Roth and 401k Tax Implications Question
Posted on 7/29/13 at 1:46 pm
Posted on 7/29/13 at 1:46 pm
Was speaking with an administrator today about a newly set up 401k that our company is implementing.
Are there any limitations on contributions regarding the combo of the two? I've never seen anything that ties those two in together, but the way the rep worded things there was. I asked for clarification and he said he couldn't give me info on it, that I had to talk to a CPA
I know there's a $5500 limit on Roth/IRA combos, but does that tie into the 17500 max on a 401k?
TIA
Are there any limitations on contributions regarding the combo of the two? I've never seen anything that ties those two in together, but the way the rep worded things there was. I asked for clarification and he said he couldn't give me info on it, that I had to talk to a CPA
I know there's a $5500 limit on Roth/IRA combos, but does that tie into the 17500 max on a 401k?
TIA
1
Posted on 7/29/13 at 1:52 pm to Lsut81
quote:
know there's a $5500 limit on Roth/IRA combos, but does that tie into the 17500 max on a 401k?
If you're pure ROTH on your IRA, one shouldn't affect the eligibility of the other. The only implication for your 401K would be if you had your own, tax-deferred IRA - there is some overall cap on that.
But, if you qualify for ROTH, the 2 are completely separate and unrelated.
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