KatrinaB
Intuit Alumni

Retirement tax questions

You have made the maximum contribution amount to your 401-K plan, however you are eligible to contribute to an IRA.

The 2016 contribution limit for a 401(k) is $18,000; $24,000 if you’re 50 and over.

Then you can also deposit up to $5,500 in a Roth or traditional IRA for 2016 ($6,500 if you’re 50 and up). That’s the combined limit for both types of IRAs, by the way. You can’t put, say, $5,500 each into an IRA and a Roth IRA.

[edited, 03-05-17]