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Message
Simple IRA affect on Roth IRA
Posted on 2/18/15 at 9:41 pm
Posted on 2/18/15 at 9:41 pm
Does contributions to a simple IRA reduce the amount you can contribute to a Roth IRA?
2
Posted on 2/18/15 at 10:29 pm to Golfer2012
No
Posted on 2/18/15 at 10:38 pm to Golfer2012
Generally, you are only allowed to contribute the $5,500 to IRAs in total for the year. However, SIMPLEs are employer sponsored and do not share the same contribution limits as the Traditional or Roth.
No is the answer to your question for a SIMPLE but yes is the answer to your question for a non-employer (Traditional) IRA. Just making sure you are using the right term for the question
No is the answer to your question for a SIMPLE but yes is the answer to your question for a non-employer (Traditional) IRA. Just making sure you are using the right term for the question
Posted on 2/18/15 at 10:41 pm to xenon16
Thanks. It's an employer sponsored Simple IRA so I can also contribute $5,500 to a Roth, correct?
This post was edited on 2/18/15 at 10:43 pm
Posted on 2/18/15 at 10:48 pm to Golfer2012
Yes, assuming you meet the other contribution requirements for Roth. Consider putting money in now for 2014. It can be done through April 15th
Posted on 2/19/15 at 1:08 am to xenon16
sorry to hijack - isn't there a income limit in relationship to Roth IRA?
Posted on 2/19/15 at 7:44 am to Gorilla Ball
Yes, somewhere around 181,000 per year for a married couple, limits change yearly so do a quick google search
Posted on 2/19/15 at 7:44 pm to Tigerpaw123
thanks for the reply 
Posted on 2/19/15 at 11:12 pm to Gorilla Ball
There is also a backdoor Roth conversion. Google it to see if it might work for you. If you already have a traditional/SEP/SIMPLE IRA, it may not be worth it BC of allocation rules
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