Rollover IRA and Roth IRA Contribution Limit?

Question

I have a 401k from a prior employer that I quit from a couple of years ago.
As I cannot invest in it any longer I have decided to move it into a "Rollover IRA".
I already have a Roth IRA.  Are my contribution limits affected in my Rollover IRA since I am only allowed to put in 6k yearly in my Roth IRA?
Basically my question is can I put 6k$ in my roth ira and that does not count against my contribution limit for my rollover ira?  If so what is the max contribution I can make to my Rollover IRA?

D Stanley · Accepted Answer

Per the IRS, the $6K contribution limit or for all IRAs combined, both Traditional and Roth, so you cannot contribute $6k to each.
Note that a rollover is not a contribution, so it does not affect your limit (I think you know this, but just making it explicit).

Rollover IRA and Roth IRA Contribution Limit?

One Answer

Add your own answers!

Ask a Question