2 part Ques:
A- I make both 403b & Roth IRA contributions. Does the total contribution of these need to be under the maximum allowed, $ 6500 in my case, to avoid hitting the 'excess contribution' rule?
B- The reason I ask is because the IRS uses the term 'traditional IRAs' when explaining excess contributions. But nowhere can I find if a 403b plan is considered a 'traditional IRA'; where would I find a complete IRS defintion / explanation? Thanks
You'll need to sign in or create an account to connect with an expert.
No, you will not need to combine the two totals to figure out the contribution limit. While they are both retirement plans, your 403(b) annuity is not an IRA. The IRS does not restrict how much you contribute to a Roth IRA based on whether or not you qualify for and contribute to another type of retirement plan (such as a pension plan that is not an IRA), but it does restrict you based on your overall income. For more information, please see the following IRS website: https://www.irs.gov/retirement-plans/plan-participant-employee/amount-of-roth-ira-contributions-that...
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
em451
New Member
Alex139
Level 1
miyabi13
New Member
ash69919
New Member
myownfriend
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.