IRA Rules

Posts Tagged ‘rules’

Question: when am I allowed to roll a traditional IRA over into an existing 401k ?

what are the rules that would allow this?

Answer: It must be pre-tax.
Can not be inherited IRA
You must sell all your stocks and funds
Please talk to your HR person.
I personally do not see any advantage in doing this.
/

401(k) IRA Nationalization *** Quietly Moves Forward

Question: Roth IRA and your income?

Well, the rules are if you earn and income under 100,000 as a single. Well, what if you Make a Roth IRA then you land a job making $120,000 a year….after you setup a Roth IRA? Or let’s say you end up making it big in music and are selling billion dollar records? Will you still keep that Roth IRA?

Answer: I think you’re confused between be able to contribute to a Roth and having a Roth. You can open a Roth anytime, it is just an investment account. But to be able to contribute to it is another story. Let’s say in 2006, you made less than $95k, you will still be able to put $4k in your Roth; then in 2007, you landed a $150k job, and you file that much in your taxes, then you won’t be able to contribute anymore to your Roth. However, you still can retain your Roth with the $4k you put in the previous year along with any investment gains you might have made.

Retirement Plan: How much is your Roth IRA or 401(k) really worth?