I have 20K+ in my old 401K. We can move it to our own IRA or move it to the new 401K. I thought you were not allowed to have both the traditional IRA and 401K at the same time? I thought if you had 401K, you had to have a ROTH IRA? Egad! Any resources I can read up on????
Roth vs Traditional IRA and 401K etc
August 1st, 2008 at 01:46 pm
August 1st, 2008 at 02:02 pm 1217599327
Your confusion may be in that if you have a 401k you MAY be limited in to how much you can contribute into a traditional IRA. However, there is no limit in converting a 401k into an IRA. (Good point though, you may be unable to add more money to it, depending on your 401k plan. That one's more complicated).
August 1st, 2008 at 10:24 pm 1217629450
August 2nd, 2008 at 01:12 am 1217639525
August 20th, 2008 at 04:45 pm 1219250747
You can have a 401k and an IRA.
Annual limits are $15,500 for 401k and 5,000 for IRA.
Note it is regardless if the 401k is a Roth 401k or Traditional 401k or if the IRA is a RothIRA or a Traditional IRA, annual amount limits are the same.