Roth/IRA tax question

[NoOneGetsIt]

Ok, I retired. I only made $6700 this year so far. All of that money I had directed into the company Roth 401k. Question: since I 'made' $6700 of earned income this year can I also put $6700 into a ROTH IRA
thanks

 

[bingybear]

If you put in a 401k... I don't think you can put it in a roth too.

You can't put in more than you made as far as I know.

Does your company allow you to put 100% into the 401k? different companies have different rules

 

[LOL!]

Yes, you can. That's the cool thing with the Roth 401(k): You still end up with a number in Box 1 of your W-2, so have at it!

 

[kaneohe]

I don't think you can put in 6700 since the max is 6500 but perhaps you can do the 6500. from https://www.irs.gov/retirement-plan...yee/retirement-topics-ira-contribution-limits
there is only this restriction:

For 2015, 2016, and 2017, your total contributions to all of your traditional and Roth IRAs cannot be more than:
$5,500 ($6,500 if you’re age 50 or older), or
your taxable compensation for the year, if your compensation was less than this dollar limit.

Later in the article some other limits on Roth contributions are linked but the link only refers to your MAGI, not the nature of your Roth401K.

I'd vote w/ LOL that you can do it but if you want a real answer, post your question at the retirement forum at fairmark.com and look for Alan S. answer.

 

[pb4uski]

+1 this link seems to support that you can do both.

https://www.irahelp.com/slottreport/can-you-contribute-roth-401k-and-roth-ira-same-year

 

[Sunset]

You don't say if this is your company or some other company you work at.

The short answer is Nearly, you can put in $6,500 into a roth IRA, or regular IRA (but do the Roth).

If you are married, then your spouse can put in the other $200 in her own roth IRA, or you can divide the $6,700 however you want and put it in your and her account. (assuming she didn't work).