IRA retard
Ok, I feel like a total retard.
I did not know that contributions to any IRA does not effect the amount you can contribute to your 401k. Now I understand why the CPA was saying always contribute to your 401k!!!
So the perfect set up is to max your Roth IRA, and put in enough money in your employer's 401k plan to get the match.
Man.... I wonder if its too late to put in a 401K contribution for the last tax year?
Oh well, I don't feel too bad. Last year was the first time we had the option of having both 401k and Roth IRA. And as we all know, last year was the worst year for the market since the great depression. I don't think we lost much money by not investing in the 401K last year. In fact, we might have saved money because I don't think anyone saw that crash coming. If we had, we'd probably would have thrown the money into an aggressive portfolio only to watch it sink to half its value, negating any employer contribution.
I guess you could say I pulled a Homer! LOL.
I did not know that contributions to any IRA does not effect the amount you can contribute to your 401k. Now I understand why the CPA was saying always contribute to your 401k!!!
So the perfect set up is to max your Roth IRA, and put in enough money in your employer's 401k plan to get the match.
Man.... I wonder if its too late to put in a 401K contribution for the last tax year?
Oh well, I don't feel too bad. Last year was the first time we had the option of having both 401k and Roth IRA. And as we all know, last year was the worst year for the market since the great depression. I don't think we lost much money by not investing in the 401K last year. In fact, we might have saved money because I don't think anyone saw that crash coming. If we had, we'd probably would have thrown the money into an aggressive portfolio only to watch it sink to half its value, negating any employer contribution.
I guess you could say I pulled a Homer! LOL.