3
votes
1answer
97 views

Married couple, high combined income: Can we contribute to IRA, on top of 401k?

My wife and I earn between $180,000 and $210,000 combined. The amount varies due to job changes and side consulting. She puts about 4% of her salary into a 401k which is fully matched. I put in 6% and ...
8
votes
2answers
428 views

Why do tax-advantaged retirement accounts have contribution limits?

Why are there contribution limits for IRAs or 401k? Since I need to make this longer, I tried to look for it. This is the closest thing I've found: Why is there such disparity of max contribution ...
1
vote
1answer
61 views

What are the exact catch-up IRA contribution age 50 limit rules?

If a person will turn 50 in the current tax year, can they make a catch-up IRA contribution for that tax year before they turn 50? Also, one site I found said age 50 1/2, so is it 50 or 50.5 years ...
1
vote
1answer
335 views

Married Filing Jointly & one spouse has employer 401K. Would each still be able to contribute to a Traditional IRA?

The husband participates in his employer's 401K, while the wife is unemployed. Assuming this couple does not exceed the AGI or MAGI limits for a Traditional IRA, will each of them be able to ...
3
votes
2answers
66 views

Overspending on an IRA issues

I have an IRA with a discount online brokerage company and somehow they let me overspend on my account. I bought something and I ended up paying more because the transaction went through the day ...
17
votes
3answers
343 views

Why is there such disparity of max contribution limits between 401K accounts and regular IRA accounts?

In 2011, regular IRA accounts allowed only $5,000 maximum contribution, while 401K accounts allowed up to $16,500. Why is there such a disparity? Why do tax advantages favor employees of large ...
6
votes
3answers
427 views

What are the 401K and IRA limits for next year (2013)?

Are 401K and IRA contribution limits increasing next year? If so, what are the new limits? Thank you!! (Edit - I updated question to reflect 2013, and will update my answer accordingly)