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Yes, you can contribute to both a 401(k) and an IRA, but if your income exceeds the IRS limits, you might lose out on one of the tax benefits of the traditional IRA.
In 2021 the income limits will start phasing out and end in these ranges.
Single $66,000 - $76,000
MFJ $105,000 - $125,000
MFS $0 - $10,000
You must have earned income from working to contribute to an IRA.
Thank you! So, if I'm reading this correctly... I can deduct contributions to my IRA (up to the allowed limit) if my income was less than $66K. Which it was. And the contributions came straight from my paycheck. What form do I need to check for?
I did. It was less than $66K
It came out of your paychecks? Then it might not be a IRA but a 401K or something else. Is it on your W2 like in box 12?
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