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Hi All,
I?m doing a little tax planning as the year comes to a close. Currently, I have a Traditional 401K plan with my employer and a personal Roth IRA. I understand the limitations are $16,500 and $5,000, respectively, for my age in 2009. My employer does NOT match contributions.
Questions:
1. Whether I can max either/both without having to worry about excess contribution penalties?
2. If not, whether I am of the correct understanding that contributing to my Roth IRA as primary would be most beneficial, since my employer does not match contributions?
Thanks for your time!
Happy New Year!
Source: http://rothira.soluti-ons.com/roth-ira/multiple-retirement-contributions/