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Both my wife and I have Fidelity IRA accounts, but I've never fully utilized it. I'd like to seed this account throughout the year, but I have questions:

  • How much money can I put in per year? What if I exceed it?
  • With the Roth IRA, is there an income threshold? We file jointly, and average around $180k per year.
  • Does Fidelity provide any kind of metering or reporting to make sure I do this correctly?
  • Also, I'd like to use a targeted retirement fund (like Fidelity Freedom 2035 Fund FFTHX) - can I use this in my Roth IRA account?
C. Ross
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Wade
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2 Answers2

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  • Here's information about contribution limits.
  • You fall above the threshold a bit.
  • I don't know. I've never overcontributed, so can't say. You can contribute well into 2011 for 2010 tax year, so if you undershoot just make up the difference.
  • I don't see why not!
mbhunter
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The limits for 2011 and 2012 are $5000 or $6000 if you are 50 or older. The 2011 income limit is $169K, but that's MAGI, not gross. With a $180K income, your MAGI is likely below $169, but you can only tell by looking at your return. If you are this close, you might have to convert to a non-deducted IRA, or withdraw the money. Else, you can fund the 2011 IRA when you file the return in 2012 to be sure.

JoeTaxpayer
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