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Level 2
posted Feb 6, 2023 2:34:34 PM

Can you contribute to both employer sponsored retirement plan and IRA

So you'll have both both employer sponsored 401K or 457b and Roth IRA per tax year.   Is this allowed?

1 2 1554
2 Replies
Expert Alumni
Feb 6, 2023 2:53:01 PM

Yes provided you qualify with the income limitations. For TY22 contributions phase out at these levels:

  • MFJ 204,000-214,000
  • Single, HOH  $129,000-144,000
  • MFS $0 - 10,000

You can contribute up to $6,000 under age 50 or $7,000 if age 50 and above.

Level 2
Feb 22, 2023 12:25:22 PM

AmyC  thank you very much it was just what I was looking for too, you have detailed it perfectly