If you are enrolled in a company 401K but do not contribute the maximum allowed, can you make an IRA contribution for that year?

long4li · ‎June 5, 2019

CarolC · ‎June 5, 2019

It is possible and it depends on how much income you earn.

"To qualify for the full annual IRA deduction in 2017, you must either:

not be eligible to participate in a company retirement plan, or
if you are eligible, you must have adjusted gross income of $62,000 or less for singles, or $99,000 or less for married couples filing jointly.
If you are not eligible for a company plan but your spouse is, your traditional IRA contribution is fully-deductible as long as your combined gross income does not exceed $186,000."

See this TurboTax article Tax Tips After January 1, 2018 for additional information.

CarolC · ‎June 5, 2019

It is possible and it depends on how much income you earn.

"To qualify for the full annual IRA deduction in 2017, you must either:

not be eligible to participate in a company retirement plan, or
if you are eligible, you must have adjusted gross income of $62,000 or less for singles, or $99,000 or less for married couples filing jointly.
If you are not eligible for a company plan but your spouse is, your traditional IRA contribution is fully-deductible as long as your combined gross income does not exceed $186,000."

See this TurboTax article Tax Tips After January 1, 2018 for additional information.

Do you have an Intuit account?