roth 401k

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gfrayne
Posted 2007-04-04 13:36:28

I have a company Roth 401k and also a Roth IRA. My AGI along with my husbands will not exceed 165k. I also turn 50 this year. What is the maximum amount of money that I can put into both plans (including the amount allowed for a catch up). Appreciate your help.

brent
Posted 2007-04-10 21:00:07

Sorry for being late and thanks for the question.

I hope this quote from Roth 401k guidelines helps.

Contribution Limits in a Roth 401k.
The combined limit for 2007 is $15,500. You can contribute just as much to a Roth 401k account as to a traditional 401k account. The limit applies to the overall total you contribute to both types of accounts. If your limit is $15,500, you can put that much in either type of account or split it between the two types, but your total contribution to both types can't exceed more than $15,500.

http://www.retirement-retirement.com/page.php?id=9

Modified AGI limits for Roth IRA contributions increased. For 2007, your Roth IRA contribution limit is reduced (phased out) in the following situations.

*

Your filing status is married filing jointly or qualifying widow(er) and your modified AGI is at least $156,000. You cannot make a Roth IRA contribution if your modified AGI is $166,000 or more.

I'm sorry to say but my understanding is your too successful for a full Roth IRA, you can possibly achieve only a Modified.

I looked for a reduced guidelines for you, but I could not find one. Maybe someone could help?

Good luck and happy retirement.

[Edited by brent on 2007-04-10 21:27:15]