Do Roth 401(k) and Roth IRA plans share the same annual contribution limit?
I've contributed 00 to my Roth 401(k) plan through my employer, and 00 to my Roth IRA plan that is totally separate from my employer. My accountant says that the limit on Roth IRA contributions is 00 for my age and says that I've over-contributed by 00 and need to withdraw the excess.
Is he correct? Do Roth 401(k) and Roth IRA plans share the same 00 limit?
I was looking at this matrix on wikipedia and it doesn't say anything about them sharing contribution limits.
en.wikipedia.org/wiki/401(k)_IRA_matrix
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No, your accountant is completely incorrect. They have no relation to each other. Traditional IRAs and Roth IRAs share the same contribution limit, but this has nothing to do with 401(k)s. Traditional 401(k)s and Roth 401(k)s share a separate contribution limit, but this has nothing to do with IRAs. The only thing that can limit your Roth IRA contribution in your case is if your income is hitting the income limit.
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