Roth IRA

[geeman]

Is there any point in putting more than $4000 into my IRA account this year?

 

[maddythebeagle]

I thought the limit was 4000 bucks? at your age?

 

[geeman]

Yeah, but can you put more than $4000 into an IRA?

 

[cute fuzzy bunny]

Go to the IRS web site and read the document that entails all the rules and whatfor's

 

[maddythebeagle]

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.

 

[EricMD]

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...

 

[geeman]

So how do people roll their 401k's into their IRA's if it is more than $4000?

 

[maddythebeagle]

I sure would love it. My FIRE PLANNING WOULD GO A LOT FASTER IF I COULD THROW THAT MUCH IN, LOL.

 

[maddythebeagle]

A rollover is seperate than your 4000 contribution rate.

 

[geeman]

A rollover is seperate than your 4000 contribution rate.

Oh, ok

 

[azanon]

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...

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.

 

[wildcat]

for under 50 4k is your max period. rollover is entirely different period.

 

[ronin]

For those 50 and above, this years catch up is an additional $500.

 

[KB]

For future years, here are the limits:

2006 - 2007 4000 + 1000 catch up
2008 - 2010 5000 + 1000 catch up