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cmartyn

401K, IRA, ROTH IRA

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Filed: Citizen (pnd) Country: Canada
Timeline

I maxed out my 401K at work. I took advantage of the 15K maximum. We are maried, filing joint and make too much money to qualify for a Roth and Too much money to make an IRA contribution tax deductable. Should I even open an IRA? I mean, If I put 4K in it and it gives me no tax advantage now, will I have to pay tax on the 4K when I take it out?

Also, if we both had 401K's can we both contribute the 15K max? That doesnt seem faie since my wife is self employed, she cant have a 401K or can she?


IR1

April 14, 2004 I-130 NOA1

April 25, 2005 IR1 Received

April 26, 2005 POE Dorval Airport

May 13, 2005 Welcome to America Letters Received

May 21, 2005 PR Card in Mail

May 26, 2005 Applied for SSN at local office

June 06, 2005 SSN Received

June 11, 2005 Driver Licence Issued!

June 20, 2005 Deb gets a Check Card! Just like Donald Trump's!

Citizenship

Jan 30, 2008 N400 Mailed off to the VSC!

Feb 2, 2008 N400 Received at VSC

Feb 6, 2008 Check Cashed!

Feb 13, 2008 NOA1 Received

Feb 15, 2008 Fingerprint letter received. (Feb 26th scheduled)

Feb 18, 2008 Mailed out the old Please Reschedule us for Biometics <sigh>...

Feb 27, 2008 Received the new scheduled biometrics.

Mar 15, 2008 Biometrics Rescheduled.

Sep 18, 2008 Interview Letter Recieved.

Nov 11, 2008 Interview Passed :-).

Nov 14, 2008 Oath Cerimony.

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Filed: Lift. Cond. (pnd) Country: India
Timeline
I maxed out my 401K at work. I took advantage of the 15K maximum. We are maried, filing joint and make too much money to qualify for a Roth and Too much money to make an IRA contribution tax deductable. Should I even open an IRA? I mean, If I put 4K in it and it gives me no tax advantage now, will I have to pay tax on the 4K when I take it out?

Also, if we both had 401K's can we both contribute the 15K max? That doesnt seem faie since my wife is self employed, she cant have a 401K or can she?

I am not sure on your 401k question, but I have worked with IRAs for quite some time - actually trained our bank employees on the ins and outs also for years.

You are always eligible to make a traditional IRA contribution as long as you have earned income and during that tax year and you will not attain age 70 1/2 (which I would assume is a long way off for you) during the tax year. However it does create some very crazy tax reporting times down the road.

You will not pay taxes on your out-of-pocket after tax contribution (the 4K) because you have already paid taxes on them. However the earnings will be taxable when you finally start taking distributions. And if you have made pre-tax contributions (tax-deductible) when you start taking distributions they are a mixture of pre-tax, after-tax and earnings. So you can probably now see why it can be an accountant's nightmare.

Most accountants I know do not want their customers to make these after-tax traditional IRA contributions because of the difficulties down the road. But like I said, they can be done. If you have an accountant, you may want to discuss this option with him or her.

Good luck!

Lori


02/21/2006 - AJM proposes (on LAK's birthday!) & LAK accepts

05/19/2005 - Sent I-129F

06/09/2006 - Received NOA1 in snail mail

06/30/2006 - Received & Sent IMBRA RFE

07/03/2006 - RFE Received at CSC

07/07/2006 - Email stating IMBRA RFE received

08/16/2006 - APPROVED!!! NOA2!!

08/17/2006 - 5 Emails stating approval!! YEAH!!!

08/22/2006 - Received NOA2 in snail mail

08/28/2006 - NVC Received

08/31/2006 - NVC Forwarded to Mumbai

09/05/2006 - Received NVC Letter in Snail Mail

09/04/2006 - File recieved in Mumbai

11/27/2006 - E-mail from consulate - Interview is scheduled for 12/18/2006

12/18/2006 - INTERVIEW

12/18/2006 - APPROVED!!! - Just need one final PCC

01/04/2007 - VISA ISSUED!

03/16/2007 - Arrived in Chicago!!!

03/29/2007 - Wedding Date

AOS

04/20/2007 - AOS Paperwork Sent

04/30/2007 - AOS Checks Posting to Account

05/25/2007 - Biometrics Apointment

07/13/2007 - E-mail stating EAD is in production

07/26/2007 - EAD card received in the mail!!

08/29/2007 - E-mail stating Permanent Resident Card production ordered!

Removing Conditions

05/22/2009 - Sent I-751 to California!

05/29/2009 - Check Cashed at Bank!

06/02/2009 - NOA Received in Snail Mail!

06/22/2009 - Received Biometrics Notification

07/09/2009 - Biometrics Appointment

08/14/2009 - E-Mail Notification of Approval - got the e-mail and letter the same day!

08/11/2009 - LETTER OF APPROVAL!!! 10 YEAR GREEN CARD!!!

08/21/2009 - RECEIVED 10 YEAR GREEN CARD!!!!! YEAH!!!

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Filed: AOS (apr) Country: Indonesia
Timeline

This is info that I got from a financial advisor in our credit union: 401K is gained through employment, so your wife cannot have a 401K, but she can do IRA (which is basically the same as 401K, but you can do it yourself). Better double check with your accountant or financial advisor to be sure.


Me- Indonesia & hubby - US

married in Vancouver, Canada

USCIS-free for 10 years !

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Filed: Citizen (pnd) Country: Canada
Timeline

Ifigured it out :-) She can have an SEP IRA or a SELF 401K.. which is very cool for anyone doing work onthe side. With the SEP IRA she can contribute up to 25% of hear income. And The self 401K she can contribute 15% of her income up to 15K and then, as her own employer, contribute another 25% up to 44K (approx) so thats a hell of a self match. Thanks everybody!


IR1

April 14, 2004 I-130 NOA1

April 25, 2005 IR1 Received

April 26, 2005 POE Dorval Airport

May 13, 2005 Welcome to America Letters Received

May 21, 2005 PR Card in Mail

May 26, 2005 Applied for SSN at local office

June 06, 2005 SSN Received

June 11, 2005 Driver Licence Issued!

June 20, 2005 Deb gets a Check Card! Just like Donald Trump's!

Citizenship

Jan 30, 2008 N400 Mailed off to the VSC!

Feb 2, 2008 N400 Received at VSC

Feb 6, 2008 Check Cashed!

Feb 13, 2008 NOA1 Received

Feb 15, 2008 Fingerprint letter received. (Feb 26th scheduled)

Feb 18, 2008 Mailed out the old Please Reschedule us for Biometics <sigh>...

Feb 27, 2008 Received the new scheduled biometrics.

Mar 15, 2008 Biometrics Rescheduled.

Sep 18, 2008 Interview Letter Recieved.

Nov 11, 2008 Interview Passed :-).

Nov 14, 2008 Oath Cerimony.

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Filed: Citizen (pnd) Country: England
Timeline

Hey, thanks for pointing this out...since David is branching out on his own, it's very interesting and something I doubt I would have considered.


1-21-09 Getting Naturalization documents together.

smiley-995.pngsmiley-996.png

Disclaimer: i dunno nuthin bout birthin no babys, or bout imugrayshun.

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