Over-all Retirement contributions

Technical topics regarding tax preparation.
#1
Bell  
Posts:
435
Joined:
19-May-2014 3:35pm
TP has contributed max to 401-k and max to 457 plan plus catch-ups for each. They want to do Roths and a SEP. Where can I find the over-all aggregated limit that an individual can contribute to all retirements. Is it 59k?
 

#2
Posts:
2504
Joined:
24-Apr-2014 7:54am
Location:
Wisconsin
What is the situation? I assume that the 401(k) and 457 is with an employer, and the SEP would be from self-employment income? If so, the SEP's contribution limit is a separate $59,000 from the employer plans.

Roth IRAs are 100% separate from the contribution limits from employer plans, so over and above what is there.
 


Return to Taxation



Who is online

Users browsing this forum: No registered users and 78 guests