Client has a 401K but also wants to contribute to a ROTH
A 50 year old client wants to contribute the max ($6000) to his IRA and also wants to start a new ROTH IRA.
Can he do both at the smae time without penalty?
Ralph
A 50 year old client wants to contribute the max ($6000) to his IRA and also wants to start a new ROTH IRA.
Can he do both at the smae time without penalty?
Ralph
Permalink Submitted by Alan - IRA critic on Thu, 2013-02-21 04:16
He can contribute to both, but the total contributions cannot exceed 6,000 for 2012 if age 50+. He can split that 6,000 any way he chooses.