Tom Russ wrote:

- quote -

Yes, it's the "15 year rule" in IRS pub 571, and there are multiple
restrictions regarding this as you discovered, which is why my original
reply include dt he 'if available' caveat.
JOE

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- quote -

Is the $3,000 also known as the 15-year rule election? I seem to have
run across that for 403(b) plans, but haven't been able to find out
very much about it.

Some quick Googling indicates that to qualify you must have been at
the institution in question for at least 15 years, and furthermore
that there may be a lifetime limit of $15,000 on the additional amount
contributed under the 15-year election. Hmmm. Furthermore, it
appears that there are additional limitations, for example, that total
voluntary deferrals cannot have exceeded $5,000 per year of service.

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D. Stussy wrote:

- quote -

Dick specifically asked about a 55 yr old's options, but you are 100%
correct. For 403(b) I broke out the basic vs catch ups, and should have
done the same for Roth:

"Plus $4,000 to Roth in '07, ($5,000 in '08) basic contributions, and
the $1000 catch-up for 50+"

Replies like yours help us keep our writing tight, and unambiguous, much
appreciated.
JOE

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"joetaxpayer" <joetaxpayer[at]nospam.com> wrote in message
news:ZMidnRb34dOwkAXanZ2dnUVZ_qmlnZ2d[at]comcast.com...
- quote -

Note: Roth IRA numbers include their age50+ catchups.

I don't like the way that was stated because it implies that the BASE Roth
IRA contribution was $5k for 2007. It's not.

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Dick Adams wrote:
- quote -

$28,500, I believe. BTW 50 is the key age to have the extras.

403(b)
$15,500 basic
$5,000 age 50+ catch up
$3,000 'lifetime catch-up (if available)

Plus $5,000 to Roth in '07, ($6,000 in '08)

JOE

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What is the maximum contribution someone over 55 can
make to a combination of a Roth IRA and a 403b?

Dick

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >