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re: Traditional IRA contribution limits?

Posted on 2/13/10 at 4:55 pm to
Posted by foshizzle
Washington DC metro
Member since Mar 2008
40599 posts
Posted on 2/13/10 at 4:55 pm to
quote:

Is there a limit on how much you can put into any IRA the first time you open one?


The limit is the annual contribution limit.

Rollovers are another matter, but of course that is when you are "rolling over" another similar account to an IRA. For example, you can (if memory serves) roll over a 403(b) to a traditional IRA. But that doesn't count as a contribution.
Posted by agdoctor
Louisiana
Member since Dec 2004
3148 posts
Posted on 2/13/10 at 6:34 pm to
traditional IRS's are only deductible if you earn around 40-50k per year. Roth IRA would be a better choice if you cant deduct and the limits are over 100k
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