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07-07-2005, 08:21 AM
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#1
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Recycles dryer sheets
Join Date: Jun 2005
Posts: 97
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Roth IRA
Is there any point in putting more than $4000 into my IRA account this year?
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07-07-2005, 08:56 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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Re: Roth IRA
I thought the limit was 4000 bucks? at your age?
__________________
- Hurry! to the cliffs of insanity!
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07-07-2005, 09:00 AM
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#3
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Recycles dryer sheets
Join Date: Jun 2005
Posts: 97
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Re: Roth IRA
Yeah, but can you put more than $4000 into an IRA?
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07-07-2005, 09:10 AM
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#4
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Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Re: Roth IRA
Go to the IRS web site and read the document that entails all the rules and whatfor's
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Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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07-07-2005, 09:17 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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Re: Roth IRA
If you find out how, let us know. If you are age 50, you can contribute a little more (I think 4500 for 2005). Otherwise it is 4000 that you can contribute.
I think if you have a spouse working at home, you can do a little more there too.
__________________
- Hurry! to the cliffs of insanity!
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07-07-2005, 11:21 AM
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#6
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Re: Roth IRA
don't think so. $4k/year that;s it. otherwise, rich people will be even richer....
suppose i can put $100k/year tax free. life is good...
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07-07-2005, 11:28 AM
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#7
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Recycles dryer sheets
Join Date: Jun 2005
Posts: 97
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Re: Roth IRA
So how do people roll their 401k's into their IRA's if it is more than $4000?
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07-07-2005, 11:30 AM
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#8
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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Re: Roth IRA
I sure would love it. My FIRE PLANNING WOULD GO A LOT FASTER IF I COULD THROW THAT MUCH IN, LOL.
__________________
- Hurry! to the cliffs of insanity!
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07-07-2005, 11:31 AM
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#9
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 2,450
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Re: Roth IRA
A rollover is seperate than your 4000 contribution rate.
__________________
- Hurry! to the cliffs of insanity!
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07-07-2005, 11:32 AM
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#10
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Recycles dryer sheets
Join Date: Jun 2005
Posts: 97
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Re: Roth IRA
 Quote:
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Originally Posted by maddythebeagle
A rollover is seperate than your 4000 contribution rate.
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Oh, ok
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07-10-2005, 11:21 PM
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#11
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Thinks s/he gets paid by the post
Join Date: Jul 2004
Posts: 1,505
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Re: Roth IRA
Quote:
don't think so. $4k/year that;s it. otherwise, rich people will be even richer....
suppose i can put $100k/year tax free. life is good...
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Maddy was right, actually.* By all means, get richer.* Its called catch up contributions, and you can do that past 50 years old.
I dont recall the actual amount as to how much more. I dont really care at age 33.
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07-11-2005, 07:08 AM
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#12
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Thinks s/he gets paid by the post
Join Date: Feb 2005
Location: Lou-evil
Posts: 2,025
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Re: Roth IRA
for under 50 4k is your max period. rollover is entirely different period.
__________________
"These walls are kind of funny. First you hate 'em, then you get used to 'em. Enough time passes, gets so you depend on them"
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07-11-2005, 02:39 PM
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#13
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Thinks s/he gets paid by the post
Join Date: Oct 2003
Posts: 1,324
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Re: Roth IRA
For those 50 and above, this years catch up is an additional $500.
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We are, as I have said, one equation short. – Keynes
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07-11-2005, 03:48 PM
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#14
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Thinks s/he gets paid by the post
Join Date: Jun 2004
Location: No. California
Posts: 1,858
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Re: Roth IRA
For future years, here are the limits:
2006 - 2007 4000 + 1000 catch up
2008 - 2010 5000 + 1000 catch up
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