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Can I contribute to an IRA if I have a 401(k)?

You can contribute to both an IRA and a 401 (k), but there are limitations you need to know. You can fund an IRA if you have a 401 (k) plan through your employer. Having a workplace retirement account could make you ineligible to deduct traditional IRA contributions.

Can a 401(k) and a Roth IRA be combined?

You can contribute to both a 401 (k) and a Roth IRA in the same year. Making 401 (k) contributions could make those with high salaries eligible to fund a Roth IRA. A Roth IRA offers greater flexibility than most retirement accounts. If your employer offers a 401 (k) plan, there may still be room in your retirement savings for a Roth IRA.

How much money can a 401(k) contribute to an IRA?

However, the amount of money that you can contribute to an IRA is much lower than that for 401 (k)s. For tax years 2023 and 2024, the maximum allowable contribution to a traditional or Roth IRA is $6,500 a year and $7,000, respectively. The catch-up contribution for 2023 and 2024 is $1,000 if you are age 50 or older.

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