Solo 401k and traditional ira eligibility

[ahock]

Hi

I have a small business and my husband work in a company. My question is can I still contribute to my solo 401k as well as max my traditional IRA???? WHat are the income limits.

[macuser_22]

Depends on your MAGI since you are covered by a employer  retirement plan.   See the link below.

For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:

- $5,500 ($6,500 if you’re age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit.

(Taxable compensation is generally wages that you worked for - W-2 (minus any box 11 amount) or net self-employed income minus the deducible part of the SE tax, but can include commissions, alimony and separate maintenance, and nontaxable combat pay ).

See this IRS link for Traditional IRA deduction limits when covered by a retirement plan at work.

https://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits

[ahock]

Im interested to know for myself. I have a small business and wanna know if I am still allowed to contribute to my solo 401 after I contributed to my Trad IRA