About Us
The Financial Quarterback ™ Phone: 407.622.6669 |
Ask The Expert
Questioner:Teri
Question: My FA says that I (a small LLC) with a Solo 401k that I max out every year cannot also contribute to a Roth.
Why is that?
Answer: If you contribute to a 401k you might still be able to contribute to a Roth IRA if your income is within a certain range. Unfortunately, if you make over $150000 of AGI you begin to be phased out and not able to participate in a Roth IRA. However, there is a very easy solution to this that does not entail you to take less income. Just add a Roth 401k component to your already existing Solo 401k and then you can actually add a lot more than the $5000 to $6000 dollars that one can contribute into a Roth IRA. If you don't want to do that there are various other ways to add money into a Roth IRA. Always make sure you are working with a qualified Certified Financial Planner.
Disclaimer | Privacy Policy | FAQS | Forms
