IRA Rollover

Archive for December, 2009

Question: Do rollover amounts from a 401k to a traditional IRA count toward the $4000 contribution limit?

I have contributed the $4000 annual limit to my traditional IRA, and I just remembered that I also rolled over about $1500 from my last employers 401k plan. Will I be penalized for going over the annual limit?

Answer: not to worry it was just a transfer with the retirement system!!!t

Retirement Plans & Investments : Compare a Roth IRA & a Traditional IRA