Comments on: 2007 IRA Contribution Limits

By: BarryWillingham

BarryWillingham — Mon, 05 May 2008 22:56:52 +0000

Can you contribute to a 401k from my current employer and a traditional IRA rolled over from a previous employers 401k in the same tax year?

By: nickel

nickel — Tue, 13 Nov 2007 15:11:27 +0000

IRA limits are independent of 401k-type limits.

If you have multiple plans (say 401k and Roth 401k) at one employer, I’m quite sure that you have one $15.5k limit total, but if you have multiple employers then you have multiple limits.

There are some rules about what constitutes a separate employer, but generally if they have different ownership then you’re okay. Self-employment + a day job counts as two separate employers.

By: Hieronymus

Hieronymus — Tue, 13 Nov 2007 15:05:51 +0000

Anyone able to work out some under-50 permutations? E.g., firm offers both 401k and Roth 401k; also have an IRA and a Roth IRA from previous lives. What are the mix-n-match limits? Can I max my firm’s offerings AND my IRA?

(Point to consider: $15k in a Roth 401k is effectively a greater contribution than $15k in a standard 401k.)

Insight appreciated.

By: The Saving Freak

The Saving Freak — Sun, 11 Nov 2007 17:23:59 +0000

We use a very similar strategy. This is the first time we will be contributing to a roth. We have been saving enough over the year to open up in Vanguard.

By: FinanceIsPersonal.com

FinanceIsPersonal.com — Sun, 11 Nov 2007 16:13:17 +0000

I’m throwing money into a separate ING savings account so that on January 1 I can setup the transfer to my Vanguard Roth IRA, so I get the full yaer’s benefit of tax-free growth…mmm….retirement planning.