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cid79nov
New Member

If I max out my w-2 401k; can I still contribute to my personal IRA and receive a deduction on taxes?

 
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1 Reply
Ashby
New Member

If I max out my w-2 401k; can I still contribute to my personal IRA and receive a deduction on taxes?

It depends. You can still receive a full deduction on your IRA contribution even if you max out your 401k. However, there are limits on MAGI that you cannot exceed. Please refer to the attached image below from the IRS to determine your eligibility for a deduction.

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