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Thought I'd maxed the first Roth, but ...

August 4th, 2015 at 05:35 am

I added my September budget in to my spreadsheet, and unfortunately I don't currently have enough wiggle room before 9/15 to contribute all the retirement funds. I might later, when some checks come in. We'll see.

I did have enough leeway to make a small contribution to AS's Roth and max it out for the year, because I remembered it wasn't far off the limit. I went in and it said I could contribute $144.85, so I did. Then, I happened to glance at transaction history and realized that only came to a little over $4500 of Roth contributions for the year.

After doing a bit more digging, I realized that the traditional IRA I'd accidentally opened when I was trying to open an SEP for AS was showing $900+ of contribution. I did get them to transfer that to an SEP instead, so I'm hoping I can get them to fix that. Not sure how strict the rules are, but I emailed to ask. Oh well, if I can't max AS's out this year I'll just work on my and NT's next, and start afresh for her when I can.

5 Responses to “Thought I'd maxed the first Roth, but ...”

  1. FrugalTexan75 Says:
    1438739289

    When I was doing all the transfers of accounts into Vanguard, I found out that the account which I *thought* was a Target fund 2045 ROTH, was *actually* a large cap index fund!! How that happened when I am pretty darn sure what I asked to have opened back in 2006 .... At least it averaged about 6% growth since I opened it.

    Hope you're able to move the funds to where you want them.

  2. ceejay74 Says:
    1438740986

    The funds are in the right place ... we got them moved in a matter of days, as soon as the Vanguard rep contacted us. I'm just hoping we can make it so they didn't qualify as an IRA contribution, so we can still max out AS's Roth.

    Ugh, retirement saving is so much more confusing and complicated than budgeting and paying down debt! No wonder I ignored it for so long! Big Grin

  3. FrugalTexan75 Says:
    1438768202

    Oh, okay. Hopefully they won't count towards your total contribution amount then.

    Yep, it can be confusing, yet so rewarding in the end. Big Grin

  4. snafu Says:
    1438795032

    off topic...I wondered of you'd contacted Capital One, asking for an explanation. I certainly would want to speak to someone at the supervisory level because there may be misinformation floating out there or your file could be muddled with someone else. Perhaps your score changed while you were waiting for the WV money. Capital One certainly didn't know about the anticipated income!

    Anyway, having that snowflake is a nice boost. I hope you'll go for it

  5. ceejay74 Says:
    1438796462

    I should have, I suppose...I remember the rejection email offered that option. I figured it was because I'm a lousy prospect, since it's clear I don't carry debt and they wouldn't make any money off me, but of course I hadn't had CC debt for years so that doesn't make sense. Or because of the recent refi, where a lot of debt had shifted from one lender to another.

    I also wonder if it's because I have too many credit cards open. I have a bunch of old ones I haven't gotten around to canceling. Maybe I'll do that and then try again. If I get rejected again I'll ask them why.

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