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I contributed $24000 to my 401K can I contribute to an IRA?
If you have sufficient eligible compensation after having made the $24,000 elective deferral to the 401(k), and you had not reached age 70½ in 2016 or earlier, you can also make a regular personal traditional IRA contribution for 2016 (up to the maximum of $6,500 for being over age 50). However, because you are covered by a workplace retirement plan, your ability to deduct a regular personal IRA contribution may be limited by your modified AGI.
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I contributed $24000 to my 401K can I contribute to an IRA?
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I contributed $24000 to my 401K can I contribute to an IRA?
If you have sufficient eligible compensation after having made the $24,000 elective deferral to the 401(k), and you had not reached age 70½ in 2016 or earlier, you can also make a regular personal traditional IRA contribution for 2016 (up to the maximum of $6,500 for being over age 50). However, because you are covered by a workplace retirement plan, your ability to deduct a regular personal IRA contribution may be limited by your modified AGI.
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I contributed $24000 to my 401K can I contribute to an IRA?
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I contributed $24000 to my 401K can I contribute to an IRA?
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I contributed $24000 to my 401K can I contribute to an IRA?
With an AGI of $207K, being an active participant in a 401(k) will make both your traditional IRA contribution and your wife's traditional IRA contribution entirely nondeductible.
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I contributed $24000 to my 401K can I contribute to an IRA?
You have made the maximum contribution amount to your 401-K plan, however you are eligible to contribute to an IRA.
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