Amount that can be put into an IRA upon opening
A Friend is returning from Europe with a sizeable income. He is 62 years old. Could he open an IRA with an amount like $400,000.00 or is he committed to keeping with the standard $6500?
A Friend is returning from Europe with a sizeable income. He is 62 years old. Could he open an IRA with an amount like $400,000.00 or is he committed to keeping with the standard $6500?
Sign up to receive The Slott Report each week
Permalink Submitted by Alan - IRA critic on Thu, 2016-07-07 03:48
If he has a US retirement plan he could do a large rollover contribution. But for new regular contributions he is limited to 6,500 and must have US taxable compensation at least equal to that amount that is not excluded by the foreign earned income exclusion. If his income is over 100k, he will be able to make the 6,500 contribution. Not enough info to know if he can deduct the contribution or not or if he could make a Roth contribution.