Comments on makingourway: Contribution limits for multiple retirement plans

It is difficult to find out whether one who has BO...

2007-12-01T12:01:00.000-06:00

It is difficult to find out whether one who has BOTH a Roth IRA and a Roth 401K can maximize contributions to both accounts. The IRS website (and the web as a whole) is woefully insufficient when it comes to this. I have been unable to find any definitive information about this issue yet. Ideally, I'd find (or someone could provide we with) an IRS citation about this question.

Quite right, I do have a 401k-pension plan combo t...

2007-02-12T19:41:00.000-06:00

Quite right, I do have a 401k-pension plan combo through my C-corp.

you pay payroll tax going into it, but then its tax deferred until you pull it out. also, i'm the trustee so I get to invest where ever i want.

so far i've invested in 2nd trust deeds, and oil and gas project and a loan to a privately held business.

Others pointed out the correction on the IRA limit...

2007-02-09T22:05:00.000-06:00

Others pointed out the correction on the IRA limits, but you missed several important points to mention:

- The catch-up contributions, generally if you are over 50, can be significant.
- If you happen to work for a municipality or state that has a 457 plan, you can contribute with that too

There are many good references on the net, the following summary is one of the more legible and complete (IMHO)

http://www.investopedia.com/articles/retirement/04/111004.asp

But even this one missed mentioning the Solo-401(k) which you mentioned in a previous post and is a nice option if someone has a side business.

1. If you participate in a workplace retirement p...

2007-02-07T13:36:00.000-06:00

1. If you participate in a workplace retirement plan like the 401k, your contributions to a traditional IRA MAY be deductable depending on income.

2. The 4000 limit (for 2007) applies to both the ROTH and traditional IRA combined. So, you can contribute to both every year, but the combined contribution can not be more than the limit

I assumed you could do $4000 in any combination of...

2007-02-06T19:35:00.000-06:00

I assumed you could do $4000 in any combination of Roth and IRA on top of the 401k $15,500 and the IRA would be pre-tax. But maybe I'm wrong. I wouldn't think of doing a traditional IRA. I have a Roth and 403b both I am now maxing.