Since the Roth feature is being added in October, can I make a lump-sum contribution to Roth before the end of the year for 2007?
No. Roth 403(b) contributions can only be remitted through payroll deduction. Lump-sum personal contributions will not be accepted. However, since Roth will be available beginning in October, you can change your percentage of contribution to take advantage of the Roth feature in the remaining months of 2007. Please remember that you will want to review to make any needed adjustments for 2008. You will need to complete a new Salary Reduction Agreement (from the Benefits Office) to make any changes. The link to the form is: http://www.hrs.iastate.edu/benefits/SRARothInstructionSheet.
Related Questions
- Does the minimum 5 year contribution period start as of the first Roth contribution, or there have to be 5 contributions in 5 years before earnings become tax-free?
- Since the Roth feature is being added in October, can I make a lump-sum contribution to Roth before the end of the year for 2007?
- Can I make a contribution to both my traditional and Roth IRA accounts for the same year?
