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Retirement tax questions
The maximum allowed for IRA contribution is the lesser of your earned income or $7000. You can defer up to $26,000 in your 401(k) plan, but not your IRA account. If you don't have any earned income, no IRA contribution is allowed.
If you did not put money into your IRA account outside of your 401(k) account, do not enter any information in the IRA contribution section.
@Jen White
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‎April 4, 2022
5:46 PM