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Someone answer this IRA/401k quandary for me
Posted on 1/11/15 at 1:23 pm
Posted on 1/11/15 at 1:23 pm
I left a job for another in Feb. 2014. Had a 401k from prior job (obviously active into Feb. 2014) that I rolled into a traditional IRA where it now sits. Current job requires one year of employment before qualifying for 401k (Feb. 2015) so I didn't have access to an employer's 401k plan for most of 2014.
At bottom, I have an excess above my emergency fund I need to move somewhere but no idea what is the best vehicle (hookers and blow aside of course).
I haven't maxed a Roth IRA for 2014 yet but plan to. Am I limited to the max Roth IRA contribution at this point? Can I throw a chunk of my savings into my active traditional IRA? Can I max a Roth AND contribute to my active traditional IRA? Trying to figure out what is the best vehicle at this point for tax purposes...
At bottom, I have an excess above my emergency fund I need to move somewhere but no idea what is the best vehicle (hookers and blow aside of course).
I haven't maxed a Roth IRA for 2014 yet but plan to. Am I limited to the max Roth IRA contribution at this point? Can I throw a chunk of my savings into my active traditional IRA? Can I max a Roth AND contribute to my active traditional IRA? Trying to figure out what is the best vehicle at this point for tax purposes...
This post was edited on 1/11/15 at 1:24 pm
Posted on 1/11/15 at 7:09 pm to Jwodie
You can put a max of $5500 in a Roth and/or traditional IRA for 2014. You can split or put it all in one fund.
This post was edited on 1/11/15 at 7:10 pm
Posted on 1/12/15 at 8:12 am to eazyeric23
So basically I'm limited to the IRA max contribution despite not having access to a 401k plan for most of 2014?
Posted on 1/12/15 at 9:35 am to Jwodie
quote:
So basically I'm limited to the IRA max contribution despite not having access to a 401k plan for most of 2014?
Yes.
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