Login | Sign Up
TechSideline

All Hokie, All the Time. Period. Presented by First Bank & Trust Company

The Lounge
◀ ▶
HokieJay
Joined: 10/08/1999
Posts: 28,841
Likes: 5,980
HokieJay
Founder

The answer is "No, they don't."

Your 401K contribution does not affect your ability to contribute to IRAs, only your AGI and age does. See the link. Advice: Max you 401K contribution if you can, and pour the max of your non IRA assets into Roth IRAs every year. After 50 years of age that is $7K per year for you and your spouse and the growth is tax free. The US Government is the biggest debtor in history and you will pay the bill. Limit that any way you can.
Link: IRA contribution limits.
Posted: 04/28/2022 at 05:56 PM ET
(In response to this post by Tafkam Hokie)

Thread Replies (25)

Full Thread →
Trying to make sure I'm not screwing up my retirement contributions
Tafkam Hokie • 04/28/22 03:14 PM ET
The answer is "No, they don't." ◄
HokieJay • 04/28/22 05:56 PM ET
Don’t forget to maximize your HSA if you qualify
beancounter77 • 04/28/22 04:27 PM ET
I max mine every yr, my company seeds it with $4600 and I do the rest. Pay
B777Fr8Dog • 04/28/22 08:04 PM ET
(a) I don't have an HSA, and (b) when I have had one, it's always been a
Tafkam Hokie • 04/28/22 04:35 PM ET
Moot point if you’re not eligible, but just FYI next time, you don’t
beancounter77 • 04/28/22 08:12 PM ET
If you use a non employer plan, I'm guessing
Tafkam Hokie • 04/28/22 09:44 PM ET
Correct, you will get a contribution tax form at the end of the year and
beancounter77 • 04/28/22 10:24 PM ET
I am fairly confident the traditional IRA and 401k contributions ...
vt90 • 04/28/22 03:17 PM ET
Did you know that a Roth IRA doesn't just collect money and you have to
Hurley09 • 04/28/22 04:03 PM ET
Oof, that's rough. At least you aren't 50 and finding that out.**
hoosnowahokie • 04/28/22 04:09 PM ET
LOL ... yep, I don't know much but I knew that.**
vt90 • 04/28/22 04:05 PM ET
I didn't know that. I though it was an "either, or" proposition.
EDGEMAN • 04/28/22 03:49 PM ET
Let me rephrase ...
vt90 • 04/28/22 03:52 PM ET
Roth contributions are non-deductible, but all earnings are tax free.
EDGEMAN • 04/28/22 03:59 PM ET
Right, but as Hoke points out below ...
vt90 • 04/28/22 04:02 PM ET
Also there is an income cap for IRA contributions
Hoke • 04/28/22 03:35 PM ET
Roth IRA also has income limits.
Tank • 04/28/22 04:13 PM ET
Unless your 401k plan permits AT contributions to backdoor Roth IRA.
Fatman • 04/28/22 04:29 PM ET
Income cap is not an issue. I just have no debt, no mortgage
Tafkam Hokie • 04/28/22 04:04 PM ET
I don't believe there is an income limit for non-deductible traditional IRA
vt90 • 04/28/22 03:40 PM ET
You're right on non-deductible
Hoke • 04/28/22 03:46 PM ET
True ... only benefits are that I am volume saving ...
vt90 • 04/28/22 03:48 PM ET
She can spend it, but you incur an additional penalty.
EDGEMAN • 04/28/22 03:50 PM ET
Nice work Andy Dufrene. **
GreenvilleVT • 04/28/22 07:50 PM ET
She's smarter than that and she wants to retire too.**
vt90 • 04/28/22 03:53 PM ET