What is the name of your state? Minnesota
Is the ability to use the catch up provision after the age of 50 for IRAs impacted if you contribute to a 457(b)? Normal contribution is $6,000 for 2019 with a $1,000 catch up if over 50. I am finding material that says if you participate in most 457(b) accounts the catch up is then the normal $6,000? Is this accurate and what is most? Also, for a 457(b) the limit is $18,000 with a combined total of IRA and 457(b) is $24,000. Does that mean if you don't contribute that total $18,000 to 457(b) you can then use that $1,000 catch up towards the IRA? Most people are telling me nope the only factor is if you are over 50 and you can do the $1,000 as are most websites, but IRS site has language that reads differently? Very confusing.
Is the ability to use the catch up provision after the age of 50 for IRAs impacted if you contribute to a 457(b)? Normal contribution is $6,000 for 2019 with a $1,000 catch up if over 50. I am finding material that says if you participate in most 457(b) accounts the catch up is then the normal $6,000? Is this accurate and what is most? Also, for a 457(b) the limit is $18,000 with a combined total of IRA and 457(b) is $24,000. Does that mean if you don't contribute that total $18,000 to 457(b) you can then use that $1,000 catch up towards the IRA? Most people are telling me nope the only factor is if you are over 50 and you can do the $1,000 as are most websites, but IRS site has language that reads differently? Very confusing.