What form to modify excess IRA contribution?


Posted March 30th, 2009 by admin 2 Comments »
ira
chillair23 asked:


I just realized that I contributed $1000 to ROTH IRA for 2007, but I also contributed $4000 to Traditional IRA. I assume it is not ok, but I don’t know what I should do now. I don’t think it will affect my refund, but do I still need to file corrections? Thanks for any help!

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Posted in United States | 2 Comments »

Can I have an IRA and also a 401K plan at the sametime?


Posted February 3rd, 2009 by admin 5 Comments »
401k
vsdbk asked:


Can I have an IRA and also a 401K plan at the sametime?

I am planning on getting a Traditional IRA plan so I can put away $4000 tax free for this year. However, my company may possibly introduce a 401K plan soon.

If I invest $4000 in an IRA account this year, and if my company introduces a 401K plan a little later this year, am I allowed to contribute to both IRA & 401K plans in the same year?

FYI, my filing status is married filing jointly and my wife has a 401K plan at her work place.

Would appreciate any guidance here. Thanks.

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Posted in United States | 5 Comments »