0
If you already have an IRA set up with your bank or another financial institution, all you have to do is write a check or transfer the money to your IRA account. If you need help, a teller would be able to give you instructions specific to your situation.
Wiki User
∙ 12y ago
Add your answer:
Earn +20 pts
Can you contribute to both a Roth IRA and an IRA?
Yes. An individual may make IRA contributions to both a Roth and aTraditional IRA, providing the combined contribution total does not exceed the contribution limit for the year.
What's the max yearly contribution to a Roth IRA?
The max yearly contribution you can make to your Roth IRA (or any IRA) is $5,000 a year if you are under sixty years old, of $6,000 a year if you are over sixty years old.
Where is Roth IRA Contribution Limited located?
There is no company or entity entitled Roth IRA Contribution Limited. Roth individual retirement account contribution limits refer to the maximum contribution a person can make to such an account in a given year. Those limits are set annually and published by the Internal Revenue Service as Publication 590.
2008 roth IRA contribution limits?
The contribution limits are the same for 2008 and 2009: $5000 if you are under 50 or $6000 if you are 50 or over MINUS the amount you contributed to a traditional IRA. But, you may not contribute more than the amount of your taxable compensation income (which includes taxable wages, net self-employment, and alimony received). Note that it is too late to make a 2008 IRA or Roth IRA contribution now.
What was the maximum IRA contribution in 1982?
30000
What exactly are roth IRA rules?
The IRA rules tell you about what it is, what the rates would be and contribution limits.
Is the contribution limit for an IRA or Roth account 5000 for the year per customer OR per customer account?
The $5,000 annual IRA contribution limit is per customer. You maximum contribution amount is determined by adding contributions to all of your IRA accounts (both traditional and Roth).
Can you make a traditional IRA contribution if you have also made the maximum contribution to your simple and your income is below the phase outs?
Depend on how the contributiom are coded in the simple...if they as coded as simple contribution then you can. However, if they are coded as regular contribution then you have used up your contribution limit for the traditional.
Is an IRA contribution good for your financial future?
An IRA contribution is a very wise decision to make when planning for your finanacial future. Many people think they can live on their social security checks after they retire. Which can be done, but it is a constant struggle and any sort of unexpected bills are difficult to afford and increase stress after you retire. To secure a good financial future in which you are not living paycheck by paycheck an IRA contribution is a nessecity.
What are my IRA contribution limits?
Information about IRA contribution limits may be found directly on the IRS official website. Navigate to the retirement plans section and then to the IRA topics. These articles will help you to calculate your limits for the tax year.
When a CD matures can you use it to buy a new IRA and get a tax deduction?
If you are eligible to make a deductible IRA contribution, you can use funds from any source including a maturing CD to make that contribution. You are not eligible to contribute to an IRA unless you have "compensation income." Compensation income consists of taxable wages, net self-employment, and alimony. Your compensation income must be greater than or equal to the amount you are putting into the IRA. There is nothing special about using the proceeds from a maturing CD to buy an IRA. As long as you are eligible to make the contribution, feel free to use funds from the maturing CD or any other source. Of course, if the maturing CD is already in an IRA, you can't get a deduction for buying another IRA. And you can't put more than $5000 ($6000 if you are over 50) into an IRA in 2009 no matter where you get the money from.
How can an IRA calculator help me plan for retirement?
An IRA calculator allows you to test a hypothetical contribution schedule and determine how much will be in your IRA when you retire.
