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Yes, you can contribute to both a 401(k) and an IRA in the same year, but your contribution deductions may be limited based on your modified AGI.
For 2023, if you are covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is:
- More than $116,000 but less than $136,000 for a married couple filing a joint return or a qualifying surviving spouse,
- More than $73,000 but less than $83,000 for a single individual or head of household, or
- Less than $10,000 for a married individual filing a separate return.
See Publication 590-A (2023), Contributions to Individual Retirement Arrangements (IRAs)
Additionally, for 2023, the most that can be contributed to your traditional IRA is generally the smaller of the following amounts.
- $6,500 ($7,500 if you are age 50 or older).
- Your taxable compensation for the year.
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April 24, 2024
11:35 AM