It does not apply to overall state limits, but experts say the decision sets a precedent which could set up a legal challenge to New York's $ 150,000
overall contribution limit per person per calendar year, and $ 5,000 limit for corporations.
You should also consider the IRA provider's account minimum, though most companies keep this reasonable considering
the overall contribution limit of $ 5,500 per year.
Wednesday morning, in a 5 - to - 4 decision, the U.S. Supreme Court struck down
overall contribution limits to federal campaigns and committees.
The court struck down
overall contribution limits to federal campaigns and committees in a 5 - 4 decision this morning.
Instead of annual contribution limits, 529 savings plans have
overall contribution limits that are determined by each state.
You should also consider the IRA provider's account minimum, though most companies keep this reasonable considering
the overall contribution limit of $ 5,500 per year.
As stated in another answer, the advantage is increasing
the overall contribution limit in your lifetime.
Keep in mind that for the Traditional IRA, there are two limits: the $ 5500
overall contribution limit, and the limit on how much you can deduct.