Can I still contribute to Roth IRA at $6500 even after maxing out on the company's 401K at $24500 for 50+ year of age?
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?
02835
1 Best answer
MinhT
Expert Alumni
Jun 3, 2019 1:12:28 PM
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:
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: