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Paul-G-328
Level 5
January 28, 2024

IRA Limitations

  • January 28, 2024
  • 2 replies
  • 9 views

Can a taxpayer over 50 contribute up to $7,500 to a combination of an IRA AND an employee 403-B state pension AND also contrubute another $7,500 to a Roth IRA in the same year?

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    2 replies

    IRonMaN
    IRonMaN
    Level 15
    January 28, 2024

    No

    Slava Ukraini!
      qbteachmt
      qbteachmt
      Level 15
      January 28, 2024

      This is stated oddly: "up to $7,500 to a combination of an IRA AND an employee 403-B state pension"

      The IRA is an individual retirement account. The 403B is an employer-provided provision. So, they are not combined like that.

      For instance, here is a great article for Roth + 403b:

      https://www.investopedia.com/ask/answers/101314/what-are-advantages-and-disadvantages-getting-403b-vs-roth-ira.asp

      You'll find similar articles that compare and contrast and tell you when something is combined with something else (such as all employer plans would share one limit).

      Don't yell at us; we're volunteers
        P
        Paul-G-328Author
        Level 5
        January 28, 2024

        So than, despite having a 403-B you can still can contribute to an IRA and a Roth IRA but the only up to the yearly total of $7,500? (He is over 50 and is under the income level to qualify) 

          sjrcpa
          sjrcpa
          Level 15
          January 28, 2024

          Yes.

          The more I know the more I don’t know.
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