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Do any small business owners out there have any recommendations for a low cost 401(k) plan? I am looking at Ubiquity and ForUsAll.

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DPG said:   Do any small business owners out there have any recommendations for a low cost 401(k) plan? I am looking at Ubiquity and ForUsAll.
 I recommend using Vanguard or Employee Fiduciary.

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I'd recommend Employee Fiduciary.

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Delete please. 
 

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Is there any income limits for spouse IRA contribution? I am contributing to 401k with company. Spouse doesn't do any 401k contribution.

Thanks

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rustum said:   Is there any income limits for spouse IRA contribution? I am contributing to 401k with company. Spouse doesn't do any 401k contribution.

Thanks

  Spouse can contribute to an IRA up to the usual limits 5.5k (plus 1k if 50 or over). Is spouse is not covered by a retirement plan at work, deductibility is determined by limits in the following: https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/...

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Voo 53 shares, VBK 46 shares, VOT 54, VSS 20... Thats my current roth holdings, I don't know a whole lot about investing... My question is, what fund should I throw this years 5500 in if you were me? I am 34 male, and not married.... I trade on ameritrade so certain vanguards I get free trades in (along with others), tho i guess thats not really a big deal.. Anyone give a newbie some advice as to what they'd throw it in if they were me?

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fwuser12 said:   
rustum said:   Is there any income limits for spouse IRA contribution? I am contributing to 401k with company. Spouse doesn't do any 401k contribution.

Thanks

  Spouse can contribute to an IRA up to the usual limits 5.5k (plus 1k if 50 or over). Is spouse is not covered by a retirement plan at work, deductibility is determined by limits in the following: https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/2016-IRA-Contribution-and-Deduction-Limits-Effect-of-Modified-AGI-on-Deductible-Contributions-if-You-are-NOT-Covered-by-a-Retirement-Plan-at-Work

 Thanks for the link.  Spouse is not contributing to IRA at  work. They are not offering any match. Spouse did not opt for any 401k deductions. Why the link says spouse        who is covered by a plan at work.



 

rated:
rustum said:   
fwuser12 said:   
rustum said:   Is there any income limits for spouse IRA contribution? I am contributing to 401k with company. Spouse doesn't do any 401k contribution.

Thanks

  Spouse can contribute to an IRA up to the usual limits 5.5k (plus 1k if 50 or over). Is spouse is not covered by a retirement plan at work, deductibility is determined by limits in the following: https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/2016-IRA-Contribution-and-Deduction-Limits-Effect-of-Modified-AGI-on-Deductible-Contributions-if-You-are-NOT-Covered-by-a-Retirement-Plan-at-Work

 Thanks for the link.  Spouse is not contributing to IRA at  work. They are not offering any match. Spouse did not opt for any 401k deductions. Why the link says spouse        who is covered by a plan at work.

  The link gives you the limits for different situations; among them:
married filing jointly or separately with a spouse who is not covered by a plan at work   (can get a full deduction)
married filing jointly with a spouse who is covered by a plan at work (full deduction if MAGI is less than 184k; partial deduction for 184k to 194k; no deduction beyond that).

In short, deductibility of spouse's IRA contribution will depend on your being covered by a retirement plan at work.
ETA: Link is for 2016 taxes (to be files by April 15, 2017). If you are looking for 2015 taxes (can make IRA contribution till April 15, 2016), look at the appropriate link.

rated:
fwuser12 said:   
rustum said:   
fwuser12 said:   
rustum said:   Is there any income limits for spouse IRA contribution? I am contributing to 401k with company. Spouse doesn't do any 401k contribution.

Thanks

  Spouse can contribute to an IRA up to the usual limits 5.5k (plus 1k if 50 or over). Is spouse is not covered by a retirement plan at work, deductibility is determined by limits in the following: https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/2016-IRA-Contribution-and-Deduction-Limits-Effect-of-Modified-AGI-on-Deductible-Contributions-if-You-are-NOT-Covered-by-a-Retirement-Plan-at-Work

 Thanks for the link.  Spouse is not contributing to IRA at  work. They are not offering any match. Spouse did not opt for any 401k deductions. Why the link says spouse        who is covered by a plan at work.

  The link gives you the limits for different situations; among them:
married filing jointly or separately with a spouse who is not covered by a plan at work   (can get a full deduction)
married filing jointly with a spouse who is covered by a plan at work (full deduction if MAGI is less than 184k; partial deduction for 184k to 194k; no deduction beyond that).

In short, deductibility of spouse's IRA contribution will depend on your being covered by a retirement plan at work.

  Thanks again. Spouse did not opt for 401k contribution through her office considering there is no match. It should come under spouse who is not covered by plan at work right?
   I quickly checked our forms. Our total of Line 1 is less than 180k. There is no other incomes. So, we should be good either way right? I am planning to contribute $5500 to her
   existing IRA account.

Thanks
 

rated:
rustum said:   
fwuser12 said:   
rustum said:   
fwuser12 said:   
rustum said:   Is there any income limits for spouse IRA contribution? I am contributing to 401k with company. Spouse doesn't do any 401k contribution.

Thanks

  Spouse can contribute to an IRA up to the usual limits 5.5k (plus 1k if 50 or over). Is spouse is not covered by a retirement plan at work, deductibility is determined by limits in the following: https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/2016-IRA-Contribution-and-Deduction-Limits-Effect-of-Modified-AGI-on-Deductible-Contributions-if-You-are-NOT-Covered-by-a-Retirement-Plan-at-Work

 Thanks for the link.  Spouse is not contributing to IRA at  work. They are not offering any match. Spouse did not opt for any 401k deductions. Why the link says spouse        who is covered by a plan at work.

  The link gives you the limits for different situations; among them:
married filing jointly or separately with a spouse who is not covered by a plan at work   (can get a full deduction)
married filing jointly with a spouse who is covered by a plan at work (full deduction if MAGI is less than 184k; partial deduction for 184k to 194k; no deduction beyond that).

In short, deductibility of spouse's IRA contribution will depend on your being covered by a retirement plan at work.

  Thanks again. Spouse did not opt for 401k contribution through her office considering there is no match. It should come under spouse who is not covered by plan at work right?
   I quickly checked our forms. Our total of Line 1 is less than 180k. There is no other incomes. So, we should be good either way right? I am planning to contribute $5500 to her
   existing IRA account.

Thanks

  This is what it says in the top of the page:
"Effect of Modified AGI on Deductible Contributions if You are NOT Covered by a Retirement Plan at Work"
YOU = rustum's spouse (who is not covered by a retirement plan at work)
Third row of the table says:
"married filing jointly with a spouse who is covered by a plan at work"
rustum's spouse is filing MFJ with a spouse (rustum) who is covered by a plan at work

So the limit for your situation is 184k for full deduction.
ETA: Line 37 in form 1040 is your AGI. You need to get your MAGI from that to compare with 184k. Not line 1 as you mentioned.

rated:
fwuser12 said:   
rustum said:   
fwuser12 said:   
rustum said:   
fwuser12 said:   
rustum said:   Is there any income limits for spouse IRA contribution? I am contributing to 401k with company. Spouse doesn't do any 401k contribution.

Thanks

  Spouse can contribute to an IRA up to the usual limits 5.5k (plus 1k if 50 or over). Is spouse is not covered by a retirement plan at work, deductibility is determined by limits in the following: https://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/2016-IRA-Contribution-and-Deduction-Limits-Effect-of-Modified-AGI-on-Deductible-Contributions-if-You-are-NOT-Covered-by-a-Retirement-Plan-at-Work

 Thanks for the link.  Spouse is not contributing to IRA at  work. They are not offering any match. Spouse did not opt for any 401k deductions. Why the link says spouse        who is covered by a plan at work.

  The link gives you the limits for different situations; among them:
married filing jointly or separately with a spouse who is not covered by a plan at work   (can get a full deduction)
married filing jointly with a spouse who is covered by a plan at work (full deduction if MAGI is less than 184k; partial deduction for 184k to 194k; no deduction beyond that).

In short, deductibility of spouse's IRA contribution will depend on your being covered by a retirement plan at work.

  Thanks again. Spouse did not opt for 401k contribution through her office considering there is no match. It should come under spouse who is not covered by plan at work right?
   I quickly checked our forms. Our total of Line 1 is less than 180k. There is no other incomes. So, we should be good either way right? I am planning to contribute $5500 to her
   existing IRA account.

Thanks

  This is what it says in the top of the page:
"Effect of Modified AGI on Deductible Contributions if You are NOT Covered by a Retirement Plan at Work"
YOU = rustum's spouse (who is not covered by a retirement plan at work)
Third row of the table says:
"married filing jointly with a spouse who is covered by a plan at work"
rustum's spouse is filing MFJ with a spouse (rustum) who is covered by a plan at work

So the limit for your situation is 184k for full deduction.
ETA: Line 37 in form 1040 is your AGI. You need to get your MAGI from that to compare with 184k. Not line 1 as you mentioned.

  Thanks again fwuser. My only confusion was if we are part of "is covered by a plan at work" or "is not covered by a plan at work" considering there is no match at spouse work place. Either way, we are going to be qualified. Thanks     again for patiently explaining details.
 

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rustum said:     Thanks again fwuser. My only confusion was if we are part of "is covered by a plan at work" or "is not covered by a plan at work" considering there is no match at spouse work place. Either way, we are going to be qualified. Thanks     again for patiently explaining details.
 

  Remember, retirement plans are always individual. Although you file MFJ, each one of you has an individual IRA and/or 401k. Each ones contribution maybe deductible (or not).

To determine whether your contribution can be deductibel, you go with the chart that says on top "covered by a plan at work"; for your spouse the chart must be the one that says "not covered" on top. Then you look at the corresponding row of the chart that talks about the respective spouse being covered (or not) by a plan. 

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rustum said:    Thanks again fwuser. My only confusion was if we are part of "is covered by a plan at work" or "is not covered by a plan at work" considering there is no match at spouse work place. Either way, we are going to be qualified. Thanks     again for patiently explaining details.
While the IRS uses the term "covered" is some places, what matters is if  you are an "Active Participant". Which is even more confusing, because you do not have to make a contribution to be an active participant.

An Active Participant is someone who either makes a contribution or on whose behalf a contribution is made. If the company makes a non-elective contribution (this is not a match) on your behalf, then you are an active participant. Also, in very rare situations a company may make a pro-rata contribution of forfeited contributions when employees terminate before those contributions are vested.
 

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