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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]
June 4, 2019
3:03 PM