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What else can I help you with?
Can I contribute to both a Simple IRA and a Traditional IRA?
No, you cannot contribute to both a Simple IRA and a Traditional IRA in the same year.
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.
Is it possible for me to contribute to both a Simple IRA and a Traditional IRA in the same year?
No, you cannot contribute to both a Simple IRA and a Traditional IRA in the same year. You must choose one type of IRA to contribute to for that tax year.
Can I contribute post-tax money to an IRA?
Yes, you can contribute post-tax money to a Roth IRA, but not to a traditional IRA.
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.
As of 2011 how much money can a person under the age 50 contribute to a traditional IRA?
$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 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.
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.
Does your work place provide an IRA option?
I am unemployed but IRA options are becoming increasingly poplar. They can truly help you with your retirement and you should discuss the IRA option when applying for a new job.
