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Message
Can you max out both a 401k and a Traditional IRA
Posted on 12/7/12 at 1:16 pm
Posted on 12/7/12 at 1:16 pm
within the same year?
4
Posted on 12/7/12 at 1:20 pm to TheWiz
17.5k to 401k and 5k, (or 6k if your 50), given that you have the earned income to show for the contribution.
Yes you can max out both each year.
**edit.. the 17.5k is for 2013. I beleive it's 17k for 2012.
Yes you can max out both each year.
**edit.. the 17.5k is for 2013. I beleive it's 17k for 2012.
This post was edited on 12/7/12 at 1:21 pm
Posted on 12/7/12 at 1:25 pm to TheWiz
There is an income limit (like 150k) for the Traditional IRA. After a certain amount, the contributions are not deductible.
Posted on 12/7/12 at 1:26 pm to TheWiz
Yep. 5k max between traditional and Roth though
Posted on 12/7/12 at 1:27 pm to gatorsimz
We're still eligible for our Roths for about another 4-5 years.
Posted on 12/7/12 at 2:26 pm to TheWiz
Absolutely. Although if you are maxing your 401 I suggest maxing a Roth instead.
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