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gina-adea
New Member

Can i contribute to a a company 401K and an individual roth ira?

 
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2 Replies
JohnB5677
Expert Alumni

Can i contribute to a a company 401K and an individual roth ira?

Yes, but be aware of the rules.

 

  • In 2023 you can't exceed $22,500 to a 401(k) in 2023 ($30,000 for those 50 or older). 
  • You can contribute up to $6,500 to an IRA (or ROTH IRA) in 2023 ($7,500 if you're 50 or older) depending on your income.

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Can i contribute to a a company 401K and an individual roth ira?

Yes, but it depends on your income.  At higher income levels, your ability to contribute to a Roth decrease and eventually disappears.  Here are the figures for 2023.  There will be an inflation bump for 2024 but its not on this web page for some reason.

https://www.irs.gov/retirement-plans/amount-of-roth-ira-contributions-that-you-can-make-for-2023

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