401(k) contribution limits increase
#6
Gets Weekends Off
Joined APC: May 2014
Posts: 273
That is incorrect. There are restrictions. And we are talking about ROTH IRA.
It goes from a max contribution of 5500 in 2017 to 6000.
If your AGI is more than 193k you can not contribute the full 6,000. If it is 203k plus you can not contribute at all. In this case you could do a Backdoor Roth where you contribute to a Traditional IRA and convert it to a ROTH later on.
It goes from a max contribution of 5500 in 2017 to 6000.
If your AGI is more than 193k you can not contribute the full 6,000. If it is 203k plus you can not contribute at all. In this case you could do a Backdoor Roth where you contribute to a Traditional IRA and convert it to a ROTH later on.
#7
Gets Weekends Off
Joined APC: Mar 2014
Posts: 3,091
No, it doesn't. Income doesn't dictate one's ability to contribute to an IRA (assuming you earned enough to contribute, you cannot contribute if you don't earn income, but I assume you weren't referring to that).
#8
Gets Weekends Off
Joined APC: Mar 2014
Posts: 3,091
That is incorrect. There are restrictions. And we are talking about ROTH IRA.
It goes from a max contribution of 5500 in 2017 to 6000.
If your AGI is more than 193k you can not contribute the full 6,000. If it is 203k plus you can not contribute at all. In this case you could do a Backdoor Roth where you contribute to a Traditional IRA and convert it to a ROTH later on.
It goes from a max contribution of 5500 in 2017 to 6000.
If your AGI is more than 193k you can not contribute the full 6,000. If it is 203k plus you can not contribute at all. In this case you could do a Backdoor Roth where you contribute to a Traditional IRA and convert it to a ROTH later on.
However one can contribute to an IRA at any income equal to or above their contribution and then convert to a Roth IRA. This is typically done if you cannot deduct the regular/traditional IRA contribution.
#10
Line Holder
Joined APC: Sep 2007
Posts: 51
And just for clarity, a non-working spouse (no earned income) can make contributions to their IRA.
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