IRA contribution amount

Submitted by Julia zhai on Thu, 2014-03-13 01:53

Hi,

This is a question I need help with. A gentleman age 56, lost his job in 2013, made $6000 2013, he put $3500 to his 403b, took home $2500. How much can he contribute to his IRA for 2013? $2500 or can he do $6000?

Thanks

Julia



Submitted by Alan - IRA critic on Thu, 2014-03-13 04:08

The 403b contribution will reduce Box 1 of his W-2 to 2,500. That is the most he can contribute to an IRA. He could make an additional spousal contribution if he is married and spouse has earned income greater than his.

Add new comment

Log in or register to post comments