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If you have a 401k and an IRA can you convert some of your IRA to a roth IRA and contribute to your IRA?
Yes.as long as you do not contribute more than your annual limit.
If you do not contribute to your 401-k can you contribute to an IRA?
You can contribute to both a 401K and an IRA at the same time (same year).
How much money can I contribute to a Roth IRA?
As of right now you can contribute up to $5500 each year to a Roth IRA. If you are over 50 years of age, you can contribute an additional $1000 for a total annual contribution of $6500.
Can you contribute to a SEP IRA if you are over 71?
No, you cannot contribute to a SEP IRA if you are over 71, even if you are still working. However, you can still contribute to a traditional IRA if you have earned income.
As of 2011 how much money can a person under the age 50 contribute to a traditional IRA?
$5,000
How much to you have to earn in order to contribute to Roth IRA?
You need to have taxable income at least equal to the amount you contribute to your Roth IRA. If you contribute $5,000, but have only $4,000 in taxable income, you need to pay taxes on $1,000 excess contribution.
Can you contribute more than 5000 dollars a year into your IRA?
You can contribute as much as you want to an IRA, but you would pay an excess contribution tax on the amount over $5,000. If you are over 50 you can contribute an additional $1,500 ($6,500 total) without penalty.
Can you contribute to an IRA or 401k after age 70.5?
You can contribute to a Roth IRA after age 70.5 as long as you have earned income, but you cannot contribute to a traditional IRA after that age. For a 401(k) plan, it depends on the rules of the specific plan, but typically you can continue to contribute to it past age 70.5 as long as you are still working and the plan allows for it.
How much money can a person under the age of 50 contribute to a traditional IRA as of 2011?
$5,000
Is there any way to get money out of an IRA without paying taxes?
There are some IRA withdrawals that are not penalized. If the entire amount is used for the purpose of higher education. If a maximum of $10,000 is used for the purchase of a first home. If the funds are needed to pay excessive medical bills. Payment for medical insurance premiums if the person becomes unemployed. If the IRA holder becomes totally and permanently disabled.
Can a 71 year old contribute to an IRA?
Yes, a 71-year-old can contribute to a traditional IRA as long as they have earned income. They are also eligible to contribute to a Roth IRA regardless of age if they meet income requirements.
Is a simple IRA taxable?
Contributions to a SIMPLE IRA, or Savings Incentive Match Plans for Employees, are not taxable. Contributions made to an IRA are, in fact, tax deductible. There are limits on how much one can contribute to an IRA each year, and on how much one can deduct. Distributions from an IRA (whether Traditional or Simple), however, are indeed taxable.
