403b PLUS traditional IRA?

[slara22]

Hi - I changed jobs in September 2024 and since then I have a work sponsored 403b plan.  Can I still contribute $8000 (over 50 yrs old) to an IRA this year regardless of my 403b contributions? 

I am not expecting a deduction in my taxes should I contribute to an IRA. I just want to know whether i can do this additional contribution without penalties etc.

Thanks!

[DanaB27]

Yes, as long as you have enough taxable compensation then you can make IRA contribution in addition to the 403b contributions.

For 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

• $7,000 ($8,000 if you're age 50 or older), or
• If less, your taxable compensation for the year

Please note, you only need to enter your W-2 to record the 403b contributions. The IRA contributions are entered under Deduction & Credits.