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Retirement tax questions
The 401k contribution rules have nothing to do with IRAs, they are controlled by completely separate laws and rules.
For 2024, you can contribute up to $23,000 to a 401k by salary deferral, or $30,500 if you are age 50 or over. The maximum total contribution to a 401k, including employer match, is $69,000.
If your employer offers a designated Roth option within the 401k, the same limits apply. However, any employer match must be contributed to a traditional pre-tax 401k account.
Whether you can also make Roth IRA contributions, or make deductible contributions to a pre-tax IRA, depends on your filing status, income, and participation in a workplace place, and the limits are here.
‎August 19, 2024
9:10 AM