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Question about traditional IRA's
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Melody     Reply with quote
Okay.If l can only put 5000 into a traditional IRAa year.what if l wanna invest more than 5000 dollars into the same fund.can l not just invest more than the 5000 and get no tax break for the additional funds?or do l really need to buy a separate identical mutual fund?
beert394     Reply with quote
Yes, you will need a separate (non-retirement) mutual fund account for the excess.
Starnr     Reply with quote
You are limited to the $5000 in your IRA account per year. If you want to save more money, you will need to open a separate savings account. You can either buy the same funds, or diversify and buy other funds. If you can open a business, there are other opps for you to open other tax free retirement accounts. If you are married, you can try opening an IRA account in your wifes name. l did it for years, never had a problem.
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