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#1
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| The state is Wisconsin. One of my accounts was established from a 401(k) direct rollover to a traditional IRA, the other was establishing a Roth IRA. I thought that I had the ability to contribute the full $2000 limit into the Roth IRA and that the rollover did not factor into the $2000 limit. Is this true or not? I am still having some problems doing my taxes and figuring this out as I get prompted that I have made excessive contributions, because the traditional IRA rollover and Roth IRA amount is more than $2000. |
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#2
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| >>I thought that I had the ability to contribute the full $2000 limit into the Roth IRA and that the rollover did not factor into the $2000 limit. Is this true or not? << True. The contribution limits are coordinated under §408, and is limited to $2,000 total,...without regard to the roll over. |
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