In this video I’m talking about 2021 retirement plan contribution limits for the Roth IRA, Traditional IRA, 401k, 403b, 457 and Federal TSP accounts.
I’m talking about how the contribution limits work and how to you should review your retirement contributions.
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Hi!
I put in $6000 for Roth IRA and roughly about $5000 in employer sponsored Roth 401(k) for 2021 tax year. Is it still in the contribution limits? Thank you
Very nice video. May I ask one thing. If the 58000 limit is only for single. How about married couple with joint filed. My wife had the job with employeed match. Is the limit still for the one household is 58000?
ROTH IRA CATCHUP is available as long as you are turning 50 anytime within that tax year correct?
So, I'm aged 55.
I can contribute $26000 to my 401K w/ over 50 catch up.
My Employer matches 6 percent ($1560).
I put in Roth IRA with over 50 catch up of $7000.
Does this mean my total contribution for 2021 is a max of $34,560? Just checking to see if I am exceeding my legal limit.
Did they change the age limit to contribute for a traditional IRA? Can you be 90 years old, take your RMD and then re-contribute $7,000? You stated earned income. What if you don't work but you have dividends and interest as earned income only?
Very knowledgeable video!
In your tax credit video, you mentioned maximizing it depends on which retirement you put more $ into. Could you elaborate or do a video? Please
Glad I found your channel today – You have a great knack for explaining financial stuff, thank you for doing what you do.
I couldn't find a video on taking distributions so I hope you don't mind me hijacking this video with a question about distributions?!
I'll try to be brief… Life's been hectic for me since 2020 tax stuff slipped through my net. Husband & my income bumped way up in January 2020 so I thought I added an excess $7000 to my Roth and yanked it back out.
If one takes out $7000 from a 5+ yr old Roth IRA containing at least 20K in contributions, am I right in thinking there are no taxes or penalties on that distribution?
The broker's tax forms for 2020 show a 5498 for my Trad IRA so I actually put the $7000 contribution into that account instead, and a 1099R (with a T code) with a distribution of $7000. So I accidentally took an distribution of $7000 from my Roth when I didn't need to, which is annoying. As if that wasn't enough….
I neglected to give my 2020 IRA forms to my husband when he filed our 2020 joint taxes last month (we're in Texas)… I would be very happy if you could point me in the right direction from here. Does this muddle I made in 2020 need to be reported somehow right now for 2020, or can it be sorted out in the 2021 filing next year?
I am putting 26 k in my ROTH portion of my TSP. Also a separate 7 k and wife’s 7k Roth. On track but frugal living makes it livable.