what is the max contribution for roth 401k
Roth 401(k) Under a Roth IRA, first enacted in 1998, individuals, whether employees or self-employed, voluntarily contribute post-tax funds to an individual retirement arrangement (IRA). In contrast to the 401(k) plan, the Roth plan requires post-tax contributions, but allows for tax free growth and distribution, provided the contributions have been invested for at least 5 years and the account owner has reached age 59Â½. Roth IRA contribution limits are significantly lower than 401(k) contribution limits. For tax-years 2016 and 2017, individuals may contribute no more than $5,500 per year to a Roth IRA if under age 50, and $6,500 if age 50 or older.[3] Additionally, Roth IRA contribution limits are reduced for taxpayers with a Modified Adjusted Gross Income (modified AGI) greater than $117,000 ($184,000 for married filing jointly), phasing out entirely for individuals with a modified AGI of $132,000 ($194,000 for married filing jointly), for 2016. See 401(k) versus IRA matrix that compares various types of IRAs with various types of 401(k)s.
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