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Retirement tax questions
....AND , if you confirm that the employer plan is a 401k, then that contribution limit is 19,500 for anyone under age 50 . The 6,000 deduction limit is only for contributing a separate IRA you open yourself. IRAs and 401k plans are not the same thing.... But, as already noted, being able to contribute anything to a 2021 deductible IRA , may be limited, or prohibited by the fact that you are contributing to a 401k thru your employer.
Definitely, talk to the administrators of the employer plan to confirm exactly what that plan is....and it's contribution limits.
____________*Answers are correct to the best of my knowledge when posted, but should not be considered to be legal or official tax advice.*
‎September 6, 2021
4:28 AM
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