no limitantion
no limitantion
no limitantion
Yes. Your ability to have a personal or spousal Roth IRA is a separate questions from whether you can have a SEP IRA. Anyone with earned income can contribute up to $4,000 (or $5,000 if your are 50 or over) in 2007 and $5,000 (or $6,000 in 2008) if they meet the income requirements. You must have earned income of under $99,000 for 2007 and $101,000 for 2008 for singles or $156,000 for 2007 and $159,000 for 2008 for married filing jointly. For a SEP IRA, you must have business income to contribute. You can contribute up to 25% of your business income with a limit of $45,000 in 2007 and $50,000 in 2008 (those 50 years or older may contribute $5,000 more). Thus, if you have business income, you can contribute to your ROTH IRA if you are eligible and a SEP IRA. If your SEP IRA is likely to become substantial or you have funds in a 401(k) from a previous employer and you are an one person (or one person with a spouse) business, you should look into individual 401(k)s. All of the major financial institution and self-directed trust companies offer them. They work like a corporate 401(k) but you have complete control. They may be better than a SEP since: 1. The contribution limits are higher 2. You can borrow in a 401k but not a SEP 3. You can have a Roth 401(k) but you cannot make Roth contributions to a SEP 4. You can buy life insurance or invest in a S corporationin a 401(k)
Roth 401(k) vs. Traditional 401(k) and your Paycheck A 401(k) can be an effective retirement tool. As of January 2006, there is a new type of 401(k) contribution. Roth 401(k) contributions allow you to contribute to your 401(k) account on an after-tax basis and pay no taxes on qualifying distributions when the money is withdrawn. For some investors this could prove to be a better option than the Traditional 401(k) contributions, where deposits are made on a pre-tax basis, but are subject to taxes when the money is withdrawn. Use this calculator to help determine the option that could work for you and how it might affect your paycheck.
You must have a roth ira open. When you are separated from your employer, or turn 59.5, you can instruct your employer to directly roll your 401k over to the roth ira.
no limitantion
no limitantion
no limitantion
Roth 401 (k) plan
Roth vs Traditional 401(k)? A 401(k) contribution can be an effective retirement tool. As of January 2006, there is a new type of 401(k) - the Roth 401(k). The Roth 401(k) allows you to contribute to your 401(k) account on an after-tax basis - and pay no taxes on qualifying distributions when the money is withdrawn. For some investors, this could prove to be a better option than contributing on a pre-tax basis, where deposits are subject to taxes when the money is withdrawn. Use this calculator to help determine the best option for your retirement.
A Roth 401(k) is a retirement fund, also known as retirement savings plan. This type of retirement plan is a combination of a standard 401(k) and an IRA retirement plan. Using a Roth 401(k), employees can decide to add funds to the plan in a number of different ways, allowing more flexibility. The traditional 401(k) plans tended to be more rigid.
The Roth 401(k) retirement plan was authorized by the United States Congress under the Internal Revenue Code. It's a combination of the Roth IRA and the traditional 401(k) plan. You can find more information about it here: http://en.wikipedia.org/wiki/Roth_401%28k%29.
Roth 401(k) vs. Traditional 401(k) and your Paycheck A 401(k) can be an effective retirement tool. As of January 2006, there is a new type of 401(k) contribution. Roth 401(k) contributions allow you to contribute to your 401(k) account on an after-tax basis and pay no taxes on qualifying distributions when the money is withdrawn. For some investors this could prove to be a better option than the Traditional 401(k) contributions, where deposits are made on a pre-tax basis, but are subject to taxes when the money is withdrawn. Use this calculator to help determine the option that could work for you and how it might affect your paycheck.
Yes. Your ability to have a personal or spousal Roth IRA is a separate questions from whether you can have a SEP IRA. Anyone with earned income can contribute up to $4,000 (or $5,000 if your are 50 or over) in 2007 and $5,000 (or $6,000 in 2008) if they meet the income requirements. You must have earned income of under $99,000 for 2007 and $101,000 for 2008 for singles or $156,000 for 2007 and $159,000 for 2008 for married filing jointly. For a SEP IRA, you must have business income to contribute. You can contribute up to 25% of your business income with a limit of $45,000 in 2007 and $50,000 in 2008 (those 50 years or older may contribute $5,000 more). Thus, if you have business income, you can contribute to your ROTH IRA if you are eligible and a SEP IRA. If your SEP IRA is likely to become substantial or you have funds in a 401(k) from a previous employer and you are an one person (or one person with a spouse) business, you should look into individual 401(k)s. All of the major financial institution and self-directed trust companies offer them. They work like a corporate 401(k) but you have complete control. They may be better than a SEP since: 1. The contribution limits are higher 2. You can borrow in a 401k but not a SEP 3. You can have a Roth 401(k) but you cannot make Roth contributions to a SEP 4. You can buy life insurance or invest in a S corporationin a 401(k)
No, you can only roll a 457 into a traditional IRA As of January 1, 2008, you can roll over pre-tax 401(k), 401(a), 403(b), and 457 plans directly into a Roth IRA
You must have a roth ira open. When you are separated from your employer, or turn 59.5, you can instruct your employer to directly roll your 401k over to the roth ira.
You can roll your 401(k) to a Roth IRA. A Roth IRA is pre-taxed dollars, so when you withdraw the money upon retirement, there will be no taxes on it as the taxes are already paid. You'll find this article helpful: http://www.kiplinger.com/columns/kiptips/archives/yes-you-can-roll-over-a-401k-into-a-roth-ira.html