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re: New to investing
Posted on 2/6/14 at 4:02 pm to zbeaux13
Posted on 2/6/14 at 4:02 pm to zbeaux13
quote:
Just an update: Went ahead and opened a Roth IRA. Started small with $5k in the account. Putting $100 in per month.
Just an FYI, assuming you haven't contributed anything to your Roth prior to that $5k, you can contribute $5500 and allocate it to the 2013 tax year (up until April 15th, 2014, the tax deadline), then you can contribute another $5500 and allocate it to the 2014 tax year. Thus giving you $11,000 worth of contributions in "one year".
quote:
That is my understanding. Does the amount that is reinvested within the account count towards the $5500 max?
I'm pretty new to all this, but I believe the $5500 limit only speaks to YOUR contributions. Not that your account can never go over $5500 in total (contributions+earnings)
This post was edited on 2/6/14 at 4:04 pm
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