Trad IRA Contribution
Can a traditional IRA contribution of $5,500 for 2015 be made to an existing Rollover IRA account or do I have to open a separate traditional IRA account? thank you
Can a traditional IRA contribution of $5,500 for 2015 be made to an existing Rollover IRA account or do I have to open a separate traditional IRA account? thank you
Permalink Submitted by Alan - IRA critic on Mon, 2016-03-28 16:44
You can make the contribution to the rollover IRA, but that might eliminate rolling that IRA back into an employer plan later on should you wish to do so. In certain states that do not fully protect IRAs from creditors, this might also reduce your creditor protection if your IRA balance ever exceeds 1.25 mm plus inflation increases.