Can i have my own IRA account and contribute to Roth IRA even with active 401K contirbutions with my current employer

[damuyada]

Hello there,

I currently have 401k account that is offered by my employer. I plan to max out my contributions of 22k this year, on top of that can I hold an individual IRA account with a different brokerage (ex: robinhood has IRA account offerings) and contribute 6500 towards my Roth IRA?

Since I am doing it myself I will be using my after taxed dollars towards the Roth IRA with Robinhood. I want to make sure if I will have any tax implication for doing this contributions?

[SteamTrain]

@damuyada 

For 2023:  Whether you are allowed to contribute to a ROTH IRA at all, i.e. all, nothing, or perhaps a reduced amount, depends on your Modified AGI

see the table here:

Amount of Roth IRA Contributions That You Can Make For 2023 | Internal Revenue Service (irs.gov)

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Modified AGI is AGI +or- certain items in listed in worksheet 2-2 in:

Publication 590-A (2022), Contributions to Individual Retirement Arrangements (IRAs) | Internal Reve...

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Hmmm, though it appears the worksheet might be for 2022.....it should get you close as to whether you get anywhere near the limits.