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Level 1

Can I contribute to an IRA if I already contributed maximum to 403B

My 66 year-old wife contributed the maximum amount ($24,500) to her 403B in 2018. She retired at the end of June. Can she contribute to an IRA in addition?

Traditional or Roth?

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Accepted Solutions
Level 12

Can I contribute to an IRA if I already contributed maximum to 403B

Yes, she may still contribute to an IRA.  An IRA contribution may not be deductible, however.  It will depend on your joint income.  There are also income limits for contributing to a Roth also.  You need to have under $186,000 of (modified) adjusted gross income to be able to contribute to a Roth directly.  If you have more than this, she can still make a back-door contribution:  first contribute to a non-deductible Traditional IRA, and then convert the TIRA to a Roth as soon as the contribution is made.  The contribution to the nondeductible TIRA would be reported this year, and the conversion on next year's return.

1 Reply
Level 12

Can I contribute to an IRA if I already contributed maximum to 403B

Yes, she may still contribute to an IRA.  An IRA contribution may not be deductible, however.  It will depend on your joint income.  There are also income limits for contributing to a Roth also.  You need to have under $186,000 of (modified) adjusted gross income to be able to contribute to a Roth directly.  If you have more than this, she can still make a back-door contribution:  first contribute to a non-deductible Traditional IRA, and then convert the TIRA to a Roth as soon as the contribution is made.  The contribution to the nondeductible TIRA would be reported this year, and the conversion on next year's return.