topic Thanks! in Retirement tax questions

Can I still contribute to Roth IRA at $6500 even after maxing out on the company's 401K at $24500 for 50+ year of age?

taxquestions1 — Mon, 03 Jun 2019 20:12:26 GMT

I've maxed out on my company's 401K at $24500 (50+ years of age) for year 2018. Can I still contribute to Roth IRA on my own for maximum $6500? And since the Roth IRA Is an after tax account, there's no tax credit on the annual tax return, correct?

Roth IRA contributions are not deductible. As you have a...

MinhT — Mon, 03 Jun 2019 20:12:28 GMT

Roth IRA contributions are not deductible.

As you have a 401(k) plan at work, you are considered as covered by a retirement at work. Depending on your AGI, your contributions to a Roth IRA may be reduced or phased out.

Please see this IRS document for more information:

https://www.irs.gov/retirement-plans/plan-participant-employee/amount-of-roth-ira-contributions-that...

Thanks!

taxquestions1 — Mon, 03 Jun 2019 20:12:28 GMT

Thanks!