Can I make a SEP IRA contribution& a traditional IRA contribution in the same year?

Answer Individuals can make annual contributions to both traditional and SEP IRAs. However, they must follow the annual contribution limit guidelines. The traditional IRA limit is $5,000 (or $6,000 for th... Read More »

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Traditional IRA Contribution Limitations?

In 2010, the contribution limit for a traditional individual retirement account (IRA) is $5,000 for people under 50 and $6,000 for people over 50. In the future, the limit will be indexed to inflat... Read More »

What is the maximum contribution to a traditional IRA& a Roth IRA?

The most you can contribute to a traditional and Roth IRA varies each year depending on inflation. For 2010, the limit is $5,000 if you are under age 50 or $6,000 if you are 50 or older. However, ... Read More »

What is the maximum Roth IRA contribution per year?

As of 2010, according to the Internal Revenue Service, if you are under age 50, the maximum annual Roth IRA contribution is either $5,000 or the amount of your taxable income for the year, whicheve... Read More »

Do we need to file a Roth IRA contribution for the tax year?

A Roth IRA is a form of retirement account where the contributions are not deducted from your income. As such, the Internal Revenue Service does not require Roth contributions to be reported on a y... Read More »