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[JG EA]

TP under 50 is in a 403b. If TP has maxed out his $15,500 in Elective 403b deferrals and designated Roth under Sec 403b, but the designated Roth under Sec 403b is at $3000, He can open an individual Roth for $2000. Correct? Or can he open for a full $5,000?

[JG EA]

In other words,

Does the $15,000 limit to deferrals in a plan keep its character and so influence what kind of an individual plan you can set up?

Part of this deferral plan is code BB on the W-2. Does it keep the character of a ROTH and so the taxpayer can't open another individual ROTH at the full amount?

[JG EA]

OK this is my 2nd post to myself:

I found the answer in case someone is interested. From the Master Tax Guide:

Deemed Roth IRAs. Qualified plans may allow employees to make voluntary contributions to an account that will be deemed to be a Roth IRA if the account meets all the requirements of a Roth IRA (Code Sec 408(q)). An employee's contribution to this account counts towards the maximum annual contribution that may be made to a Roth IRA ($5000 or $6000 if catch-up contributions are allowable, for 2008).

[thomtax]

Thanks for the answer. I read the post but really did not know what the answer would be.

LT

[Jesse]

JG EA,

Glad to know I'm not the only one that talks to myself. I also think out loud quite often.

I agree with Thomtax too, it comes in handy to have an answer to a question you didn't even ask in case the situation does arise.