2018 Roth Contribution

Home Fairmark Forum Retirement Savings and Benefits 2018 Roth Contribution

Tagged: , ,

Viewing 2 posts - 1 through 2 (of 2 total)
  • Author
    Posts
  • #2345
    SumDay
    Participant

    Some facts:
    -In 2018 I retired, but I contributed to the megacorp 401(k) until August
    -The 401(k) had a Roth component, and in 2018 I contributed $1,208 to it, in addition to regular 401(k) contribution
    -I contributed less than $24,500 to both, which is the IRS max for 2018
    -Our 2018 Married Filing Joint income was less than $199,000
    -In January 2019, I moved my 401(k) to Vanguard, with my 401(k) funds now living in a new IRA, and my Roth money moved to a Roth account previously established at Vanguard
    -I am 62 years old

    So, my question is, since I’m now outside the confines of the corporate 401(k), can I now contribute $5,292 to my Roth, one last time, for 2018, for a total of $6,500 to the Roth? Obviously, the limits for IRA/Roth contributions are far lower than the 401(k)/Roth limits, and I just don’t want to run into problems. I sat on hold to talk to Vanguard for 20 minutes and got bored, and thought I’d ask the experts here.

    Let me know what info I forgot to include to help answer the question. Thanks much. I’m new here, so forgive any newbie misfires.

    https://www.irs.gov/retirement-plans…mparison-chart

    #2347
    Alan S.
    Participant

    Your Roth IRA contribution limit is not affected by the amounts you contributed to the 401k plan. Therefore, if you have enough earned income in Box 1 of your 2018 W-2 and if your joint modified AGI for Roth purposes is under 189k, you can make a maximum 6500 regular Roth IRA contribution for 2018.

Viewing 2 posts - 1 through 2 (of 2 total)
  • You must be logged in to reply to this topic.