Tweet
if the max annual contribution is 13000 (i think) can a married couple put in 26000. (13000 each) or are they limited to 13000 total?
-
-
The annual max is per person, not per couple. I believe the max for 2007 is $15,500.
Same for IRAs. $4,000 per person for 2007.Steve
* Despite the high cost of living, it remains very popular.
* Why should I pay for my daughter's education when she already knows everything?
* There are no shortcuts to anywhere worth going. -
thanks. not that i can do that now i was trying to plan ahead. I may try and max it out when my youngest leaves the houseComment
-
If you're 50 or over, there's a $5000 catch-up contribution that's allowed each year also.The easiest thing of all is to deceive one's self; for what a man wishes, he generally believes to be true.
- DemosthenesComment
-
I'm trying to help some older siblings out w/a small inheritance. They are 50 & over...how much can they put in an IRA for 2007 & 2008 using the catch-up contributions? I wasn't sure if you could put 15,500 in the IRA or thats only the 401K? thanks for clarifying.Comment
-
2007 IRA is 4k
2008 IRA is 5k
I think catch up is 1k additional each year.
IRA's are spouse specific- so each spouse has same limit.
401k's are spouse specific- so each spouse has same limit. If both spouses have a match, be sure to capture the match in both before increasing contributions for one or other.Comment
Comment