I have a 401B retirement plan with my employer. Can I also fund a simple IRA as a catchup? I turn 65 in August and planning retirement.

[MichaelL1 · Accepted solution]

I think you are referring to an IRA (Roth or Traditional).

A "SIMPLE IRA", is a type of tax-deferred employer-provided retirement plan in the United States that allows employees to set aside money and invest it to grow for retirement.

The answer is "yes" if you meet the income requirements, which are more stringent, as you are part of a retirement plan at work.

Best thing to do, is to go directly to the IRA contribution area and the program will tell you if you can, and how much you can.  Then you can decide.  If you change your mind just go back and delete the entry. 

Note: If you do fund an IRA, make sure it is designated as 2016 tax year contribution. 

To enter IRA Contribution

Click on Federal Taxes (Personal using Home and Business)

Click on Deductions and Credits

Click on I'll choose what I work on (if shown)

Under Retirement and Investments

On Traditional and Roth IRA Contributions click on the start or update button