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Financial Planning - Financial planning in general. (Moderated)
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Posted by Dave on February 2, 2008, 7:43 pm
I started a job in December which won't allow me to use the 401k plan
for the next few months.
What am i allowed to contribute to?
Can i contribute to a roth and an IRA for 2008 and then when allowed,
contribute to the 401k plan?
Thanks
Dave
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Posted by Sandra Loosemore on February 2, 2008, 10:02 pm
> I started a job in December which won't allow me to use the 401k plan
> for the next few months.
> What am i allowed to contribute to?
> Can i contribute to a roth and an IRA for 2008 and then when allowed,
> contribute to the 401k plan?
If it's just a few months until you're eligible for the 401(k) plan,
you can probably make up the your full contribution for the year after
that. You'll have to read your plan documents about any maximums on
contributions or employer matching.
In the meantime, if you haven't made a 2007 IRA contribution yet, you
have until April 15 to do so, as well as making your 2008 contribution now.
Here's an article about Roth IRA eligibility:
http://www.fairmark.com/rothira/roth101.htm
-Sandra
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Posted by joetaxpayer on February 2, 2008, 11:05 pm
Dave wrote:
> I started a job in December which won't allow me to use the 401k plan
> for the next few months.
> What am i allowed to contribute to?
> Can i contribute to a roth and an IRA for 2008 and then when allowed,
> contribute to the 401k plan?
In 2008, an IRA would be deductible if your income is $53,000 or less,
or pro-rated (scaled) up to an income of $63,000. If Married filing
joint the number go from $83K-$103K. Sandra gave a link regarding Roth
eligibility.
JOE
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Posted by Will Trice on February 3, 2008, 11:52 am
joetaxpayer wrote:
> In 2008, an IRA would be deductible if your income is $53,000 or less,
> or pro-rated (scaled) up to an income of $63,000. If Married filing
> joint the number go from $83K-$103K.
Is that true even with the existence of his company's 401(k)?
-Will
william dot trice at ngc dot com
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Posted by joetaxpayer on February 3, 2008, 2:27 pm
Will Trice wrote:
>
>
> joetaxpayer wrote:
>
>> In 2008, an IRA would be deductible if your income is $53,000 or less,
>> or pro-rated (scaled) up to an income of $63,000. If Married filing
>> joint the number go from $83K-$103K.
>
>
> Is that true even with the existence of his company's 401(k)?
Well, it's WHY there's those limits. If no 401(k) (or other acct. such
as 403(b) there is no limit on income for deductibility.
JOE
www.blog.joetaxpayer.com
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