I've maxed out on my company's 401K at $24500 (50+ years of age) for year 2018. Can I still contribute to Roth IRA on my own for maximum $6500? And since the Roth IRA Is an after tax account, there's no tax credit on the annual tax return, correct?
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Roth IRA contributions are not deductible.
As you have a 401(k) plan at work, you are considered as covered by a retirement at work. Depending on your AGI, your contributions to a Roth IRA may be reduced or phased out.
Please see this IRS document for more information:
Roth IRA contributions are not deductible.
As you have a 401(k) plan at work, you are considered as covered by a retirement at work. Depending on your AGI, your contributions to a Roth IRA may be reduced or phased out.
Please see this IRS document for more information:
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