quick roth ira question?

[camptalcott]

I apologize in advance, I tried to find the answer on google but didn't.

I have a 401K at work that has a roth 401K option to which I contribute. I was going to open a roth ira outside of that. Is that simply redundant? Does the amount that I put in through my 401K count toward the 6500 max? I'm over 50 so I'm doing the "catch up" amount.

TIA
Camp

[PS241]

They are different. What you have at work is likely a Roth 401k which basically means your contributions are going in after tax and the growth will be tax free.

[livesoft]

The amount you contribute at work does not count towards any amounts you contribute to your IRAs.

I would not say it is redundant.

[camptalcott]

Thanks guys,
You are absolutely correct, I've gone back and edited my mistake.

Thanks, I just wanted to make sure before opening the roth ira

[Johm221122]

Are you sure you want Roth
http://www.bogleheads.org/wiki/Traditional_versus_Roth

John

[placeholder]

The amount you contribute to the Roth 401k does count towards the 17.5k limit though.

[camptalcott]

Are you sure you want Roth
http://www.bogleheads.org/wiki/Traditional_versus_Roth

John

I did not do a traditional ira John because my company offers a 401K. They match the first 6% plus they throw in an automatic 3% annual for anyone who participates.

I actually contribute the full 22K limit (I get an additional 5K makeup due to my advance age, lol )

I thought the next best place was a ROTH

[Johm221122]

Are you sure you want Roth
http://www.bogleheads.org/wiki/Traditional_versus_Roth

John

I did not do a traditional ira John because my company offers a 401K. They match the first 6% plus they throw in an automatic 3% annual for anyone who participates.

I actually contribute the full 22K limit (I get an additional 5K makeup due to my advance age, lol )

I thought the next best place was a ROTH

Sounds good, some blindly choose

John

[rkhusky]

Are you contributing to a Traditional 401K or a Roth 401K or both? Wasn't clear from the OP.

[Alan S.]

Are you sure you want Roth
http://www.bogleheads.org/wiki/Traditional_versus_Roth

John

I did not do a traditional ira John because my company offers a 401K. They match the first 6% plus they throw in an automatic 3% annual for anyone who participates.

I actually contribute the full 22K limit (I get an additional 5K makeup due to my advance age, lol )

I thought the next best place was a ROTH

Sounds good, some blindly choose

John

Actually, the max limit is 23k with catch up. It was last 22k in 2011.

http://benefitsattorney.com/charts/maximums/

Be sure that selection of Roth elective deferrals does not increase your modified AGI too high to make regular Roth IRA contributions. Your modified AGI will be 23k higher with designated Roth contributions than it will be for pre tax contributions.