Roth contribution limit
I have a 401k that I am contributing the maximum to..can I contribute to a roth in addition to my 401k contributions? My income is not above the phase out limits..its below 100k per year for married filing jointly.
I have a 401k that I am contributing the maximum to..can I contribute to a roth in addition to my 401k contributions? My income is not above the phase out limits..its below 100k per year for married filing jointly.
Permalink Submitted by Alan Spross on Tue, 2008-03-25 20:14
Yes, since you obviously have earned income from which to make the contribution, and your joint MAGI is below the phaseout range, you can make the maximum allowed Roth contribution. In addition, your spouse could also make a spousal Roth contribution using your earned income if the spouse does not have their own income.