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re: How to invest? - 401k vs Roth /Both
Posted on 1/18/17 at 10:24 am to notsince98
Posted on 1/18/17 at 10:24 am to notsince98
You can use a traditional IRA, and make pre-tax contributions, regardless of income. There is only an income limit on a Roth IRA.
1
Posted on 1/18/17 at 11:14 am to SavDawg8
Max out the 401K then invest the rest in the Roth up to 5500 per year.
Posted on 1/18/17 at 8:03 pm to raw dog
quote:
You can use a traditional IRA, and make pre-tax contributions, regardless of income
Not necessarily true. If you have an employer sponsored retirement plan you can only deduct traditional IRA contributions if you make less than 72k if filing single or 119k if filing jointly.
IRA
This post was edited on 1/19/17 at 12:42 am
Posted on 1/18/17 at 8:18 pm to lsugradman
You can contribute to a tIRA no matter how much money you make. You can't deduct that on your taxes over a certain income. But your money will still grow tax deferred and be taxed at your retirement bracket if you choose.
Posted on 1/19/17 at 12:41 am to PillPusher
quote:
You can contribute to a tIRA no matter how much money you make. You can't deduct that on your taxes over a certain income
Yes I know that. That's the boat I am in.
quote:
But your money will still grow tax deferred and be taxed at your retirement bracket if you choose.
Is that second part true though? My understanding was since I have already paid taxes on the tIRA (with no deduction) that I would be able to withdraw these funds tax free upon retirement. Why should I have to pay taxes twice?
Posted on 1/19/17 at 7:56 am to lsugradman
quote:
Is that second part true though? My understanding was since I have already paid taxes on the tIRA (with no deduction) that I would be able to withdraw these funds tax free upon retirement. Why should I have to pay taxes twice?
You found the problem. This is why the rules change for the "rich" people and why they stop letting you contribute to a ROTH IRA at the same point. They decided you make enough you don't get any breaks.
Posted on 1/19/17 at 8:37 am to lsugradman
quote:
Not necessarily true. If you have an employer sponsored retirement plan you can only deduct traditional IRA contributions if you make less than 72k if filing single or 119k if filing jointly.
IRA
Worth noting, these limits are for AGI not Gross income.
Posted on 1/19/17 at 9:33 am to kennypowers816
Just got off the phone with Fidelity asking about my plan. She said the company match is always pre-tax. So I'm giving 8% to my Roth and the company match is going to a traditional 401k bucket pre-taxed.
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