IRS publication -- maxing out 401k and IRA
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IRS publication -- maxing out 401k and IRA
Ladies and gents, can you direct me to the IRS publication that states that one can contribute BOTH the max of $17,000 to a Traditional 401k and $5,000 to a Roth IRA (as long as you are within income guidelines) for 2012? My accountant appears to be confused.
Re: IRS publication -- maxing out 401k and IRA
This is not tax advice, but for informational purposes:
http://www.irs.gov/publications/p590/ch ... 1000230988
http://www.irs.gov/publications/p590/ch ... 1000230988
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Re: IRS publication -- maxing out 401k and IRA
If your accountant doesn't understand this basic concept, it's time to find a new accountant.
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Re: IRS publication -- maxing out 401k and IRA
I'm beginning to think so. In fairness, there are some major complications in my taxes this year . But I'm beginning to think so. Up until this she has been brilliant (as far as I could tell). The decision making process on that matter is greatly complicated by the fact that she is my deceased mother's best friend. So, in getting a new accountant I would be severing a friendship. Sad. Sad.TheIndexer wrote:If your accountant doesn't understand this basic concept, it's time to find a new accountant.
Christopher
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Re: IRS publication -- maxing out 401k and IRA
Another vote for a new accountant. This is one of the most basic tax related investment concepts... that IRA limits are separate from 401k/403b limits and both separate from 457 limits.
I wouldn't assume a friendship will break. People leave relationships every day that are both professional and personal in nature. There's likely any easy excuse about location, needs, other opportunities, etc. In fact, as a professional, I would (and have) specifically not do (done) business with someone I know personally.
I wouldn't assume a friendship will break. People leave relationships every day that are both professional and personal in nature. There's likely any easy excuse about location, needs, other opportunities, etc. In fact, as a professional, I would (and have) specifically not do (done) business with someone I know personally.
Re: IRS publication -- maxing out 401k and IRA
This is such a fundamental piece of knowledge that I would strongly question the competence of the accountant.