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Can you contribute to an IRA if you are contributing to a 401k?
Wiki User
∙ 14y ago
Yes, 2 separate things (accounts). The 401K investing doesn't affect the contribution amount allowed into the IRA. However, if you are contributing to a 401k, you are an active participant in a retirement plan at work. If your modified Adjusted Gross Income exceeds a certain amount, there are limits on how much you may deduct for a contribution to a traditional IRA. You may still make a full non-deductible contribution, however.
Wiki User
∙ 14y ago
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Can you contribute to both a 401K and an IRA?
yes
If you do not contribute to your 401-k can you contribute to an IRA?
You can contribute to both a 401K and an IRA at the same time (same year).
Can you contribute to both IRA and 401k at the same time?
yes, but there are earned income limits that may prevent you from deducting a Traditional IRA on your taxes if you were covered by a 401(k) As discussed here - http://www.savingtoinvest.com/2011/07/contributing-to-an-ira-and-roth-ira-if-you-already-have-a-401k.html - you can contribute to both (limits are different) based on income levels and meeting eligiblity rules.
Is a 401K the same as an IRA?
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not.
How is the 401k different from the Roth ira?
There is one main difference between a 401k and a Roth IRA. The maximum contribution limit for a 401k is about three times that of an IRA.
Can you contribute to both a 401K and an IRA?
yes
If you do not contribute to your 401-k can you contribute to an IRA?
You can contribute to both a 401K and an IRA at the same time (same year).
If you have a 401k and an IRA can you convert some of your IRA to a roth IRA and contribute to your IRA?
Yes.as long as you do not contribute more than your annual limit.
Can you contribute to both IRA and 401k at the same time?
yes, but there are earned income limits that may prevent you from deducting a Traditional IRA on your taxes if you were covered by a 401(k) As discussed here - http://www.savingtoinvest.com/2011/07/contributing-to-an-ira-and-roth-ira-if-you-already-have-a-401k.html - you can contribute to both (limits are different) based on income levels and meeting eligiblity rules.
Can you contribute to an IRA or 401k after age 70.5?
You can contribute to a Roth IRA after age 70.5 as long as you have earned income, but you cannot contribute to a traditional IRA after that age. For a 401(k) plan, it depends on the rules of the specific plan, but typically you can continue to contribute to it past age 70.5 as long as you are still working and the plan allows for it.
Do chefs get a 401K?
Any employee, regardless of the type of work he or she performs, is eligible for a 401k if the employer offers it. An employer is not required to offer a 401k, however. If an employer-sponsored plan (401k, 403b, SEP IRA, etc.) is not available, often individuals will contribute to a Traditional IRA or Roth IRA.
Is a 401K the same as an IRA?
A 401k and a IRA are different. A 401k is a employer sponsored plan while a IRA is not.
Can an employer allow you to contribute to your 401K based on your gross earnings but set a cap at which they quit contributing?
Yes the employer usually has a limited amount that they will match depending on the amount that you contribute to the 401K plan.
Can someone over 70 contribute to a roth IRA if the are retired?
Yes, as long as the individual has earned income, they can contribute to a Roth IRA regardless of their age. There are no age restrictions for contributing to a Roth IRA if you have earned income.
Can a 75 year old contribute to roth IRA?
Yes, a 75-year-old can contribute to a Roth IRA as long as they have earned income. There is no age limit for contributing to a Roth IRA, unlike a Traditional IRA which has an age limit for contributions.
How is the 401k different from the Roth ira?
There is one main difference between a 401k and a Roth IRA. The maximum contribution limit for a 401k is about three times that of an IRA.
You maxed out your 401K in 2008 how much can you contribute to a roth IRA in 2008?
Roth IRA contributions are not affected by 401k contributions in any way. The max contribution for 2008 was $5000 ($6000 if age 50 or above). This is of course assuming you fall within income requirements for a Roth IRA.
