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Retirement tax questions
@signor0816 wrote:
I have 401k at work but not a pension. The 401k is considered a "retirement plan" for tax purposes correct? So the limitations apply.
Correct, if you are covered by a qualified retirement plan at work (which includes a 401(k),) then your ability to also contribute to an outside IRA is determined by your filing situation and income.
You can contribute up to $6000 (or $7000) to a traditional IRA, but you may not be able to deduct those contributions. See this page to determine your deductible amount.
https://www.irs.gov/retirement-plans/ira-deduction-limits
Your ability to contribute to a Roth IRA is affected by your income but not by your participation in a workplace retirement plan, see here,
https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2021