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New Member
posted Apr 14, 2025 10:29:40 AM

Can I get tax benefit if I contribute to IRA since I did not contribution to 401k to the limit?

I did not use the full contribution limit to my 401K, how can I contribute to IRA to get the tax benefit?

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1 Replies
Level 15
Apr 14, 2025 11:18:38 AM

Whether you qualify for a tax deduction for an IRA contribution depends on your income, filling status, and other factors.  If you participated in a workplace plan, then you follow the limits for someone who participated in a plan, even if you did not contribute the maximum allowed.

https://www.irs.gov/retirement-plans/ira-deduction-limits