401(k) contribution limits increase
The amount you can contribute to your 401(k) or similar workplace retirement plan goes up from $18,500 in 2018 to $19,000 in 2019
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Think it’s time for them to increase IRA limits also
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Originally Posted by 123494
(Post 2701683)
Think it’s time for them to increase IRA limits also
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Originally Posted by Name User
(Post 2701781)
IRAs have no contribution limits, and they upped it to $6k.
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Originally Posted by Name User
(Post 2701781)
IRAs have no contribution limits, and they upped it to $6k.
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Originally Posted by Name User
(Post 2701781)
IRAs have no contribution limits, and they upped it to $6k.
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. |
Originally Posted by swaayze
(Post 2702202)
That statement needs a huge asterisk ****** (for a lot of folks).
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Originally Posted by BeechPilot33
(Post 2702243)
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. 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. |
Originally Posted by 123494
(Post 2702224)
Then what would you call $6k? Is that not considered a limit?
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Originally Posted by Name User
(Post 2702529)
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).
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