- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
re: Roth and 401k Tax Implications Question
Posted on 7/29/13 at 2:04 pm to Lsut81
Posted on 7/29/13 at 2:04 pm to Lsut81
quote:
I just can't do both a Roth/Traditional IRA for more than 5500.
Well, I think you will hit certain caps on what can be tax-deferred (and there are complicated charts) - but, as you say, you should be able to go full bore $5500 on Roth (and you should be able to do that for your spouse, if you're married), PLUS take the full advantage of $17,500 401K at work, until age 50, and you can do a catch up of $5,500 - again, subject to income bracket phase outs.
But, as ROTH is not tax deferred, it is subject to the limits on an IRA, rather than any cap on tax deferred retirement savings.
1
Posted on 7/29/13 at 7:29 pm to Ace Midnight
quote:
you should be able to go full bore $5500 on Roth (and you should be able to do that for your spouse, if you're married), PLUS take the full advantage of $17,500 401K at work
Read IRS Pub 590, which specifically addresses cases where your spouse is covered by a 401. You might be able to toss in $5500 but not the full amount for a married couple, which is greater.
Page 1 of 1
Popular
Back to top
Follow TigerDroppings for LSU Football News