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401k and IRAs, can i do the max for both?

Asked by: 779 views

if i contribute the max to my employers established 401k can i still make additional deductible contribution to an IRA myself. if my salary is 18k and the max is 22000 and i put the full 18k into an employer establish 401k can i put any thing into an IRA myself. if i can how much can i put into that IRA. i am single

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  • -1 Votes Thumb up 1 Thumb down 2

    mbhunter on May 27, 2010

    Yes.  How much you put into your 401(k) doesn’t affect how much you can put into your IRA.  There are limits on both individually, though.



  • 0 Votes Thumb up 2 Thumb down 2

    ptmoney on May 27, 2010

    If your IRA is a Roth, then you can max out both. But if you’re talking about a Traditional IRA, then, no, you can’t contribute to both. Participating in a 401K precludes you from “double-dipping” (i.e. making tax deductible contributions to a Traditional IRA).


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