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Retirement tax questions
No, the 2019 IRA limit is $6000 and the 401K limit is $19000. They are separate and many people can do both. You can contributed to either a Roth or Regular IRA, but the $6000 applies to the total between both
If you’re income exceeds certain levels, your ability to do either the regular or Roth IRA’s may be restricted or eliminated. TurboTax will tell you if you’ve over contributed, but reversing that is a hassle, so research the limits before you get in trouble (if you are close, wait until the following year Turbo Tax will tell you if you can make the construction and you’re still allowed to do that as long as its before April 15 of the year after.)
July 24, 2019
9:16 AM
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