403(b) and IRA can I combine?

[slara22]

I contributed $3600 to my 403(b) this year and would like to make a larger contribution for retirement. I am over 50. Can I contribute more by other means? E.g., can I contribute to an IRA? I am aware that other contributions would not change my tax liability.

If yes, what are the limits? Can I still contribute $8000 to an IRA? Or can I only contribute $4400?

Thanks in advance!

[DavidD66]

For 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

• $7,000 ($8,000 if you're age 50 or older), or
• If less, your taxable compensation for the year

Your contributions to your 403(b) do not affect the amount you can contribute to an IRA.  

See the following IRS information on IRA deduction limits and Roth IRA eligibility: 

Deducting your IRA contribution

Your traditional IRA contributions may be tax-deductible. The deduction may be limited if you or your spouse is covered by a retirement plan at work and your income exceeds certain levels.

• IRA deduction limits

Roth IRA contribution limit

In addition to the general contribution limit that applies to both Roth and traditional IRAs, your Roth IRA contribution may be limited based on your filing status and income.

• 2024 - Amount of Roth IRA Contributions You Can Make for 2024