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Started By
Message
If I rollover my former employee's 401k to my IRA
Posted on 12/21/14 at 9:06 pm
Posted on 12/21/14 at 9:06 pm
does that count as my contribution to the year? or can I still put in my $5500 on top of the roll over?
2
Posted on 12/21/14 at 9:08 pm to lsaltee
$5500 is the limit for a Roth IRA not a traditional IRA so you will still be able to contribute the $5500 to the Roth.
This post was edited on 12/21/14 at 9:09 pm
Posted on 12/21/14 at 9:35 pm to Boomshockalocka
Pretty sure $5500 is for traditional as well, as long as you are under 50
Posted on 12/22/14 at 6:32 am to lsufan_26
The limit for both are the same and you can only put $5500 per year into one or the other. As for the rollover, because it is a rollover and not a contribution it will not count as your current year contribution.
Posted on 12/22/14 at 6:45 am to Boomshockalocka
Where some of you people get your info is mind-boggling.
Posted on 12/22/14 at 8:56 am to Boomshockalocka
Stop it
Posted on 12/22/14 at 9:19 am to Boomshockalocka
You could really mess up someone's finances with bad information. Please don't talk about things that you don't know about
Posted on 12/22/14 at 9:47 am to Thib-a-doe Tiger
While I agree whole-heartedly with your comment, I hope nobody makes Money Talk their final destination with regard to financial advice.
Posted on 12/22/14 at 9:56 am to iknowmorethanyou
Well this is not a really complicated matter, so being 100% wrong is about as bad as you could do.
A person should be able to ask such an easy question without having to worry about being given that kind of advice
A person should be able to ask such an easy question without having to worry about being given that kind of advice
Posted on 12/24/14 at 10:51 am to Thib-a-doe Tiger
I'm really surprised people don't Google and read up on these subjects. It's information that is readily available.
Posted on 12/24/14 at 10:55 am to krehn11
I completely agree. I was blown away by the guy who thought he had been maxing out his 401k by putting in 15%. Literally speechless.
Posted on 12/24/14 at 11:04 am to I Love Bama
quote:
I completely agree. I was blown away by the guy who thought he had been maxing out his 401k by putting in 15%. Literally speechless.
I think when I signed up with my company they would allow you to put up to 90% in
I can't imagine why anyone would want to do that though
I assume that the employer would stop taking it out once you hit the yearly max?
Posted on 12/26/14 at 3:48 am to lsaltee
I'd like to learn how to take an employee's 401k. Lol.
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