Can I contribute to both a 401(k) and an IRA?
Yes. You can contribute to an IRA even if you (or your spouse, if filing jointly) are covered by an employer sponsored retirement plan like a 401(k) plan.
But, the amount of deductions (if any) you’ll be able to make of your IRA contributions is based on your filing status and modified adjusted gross income (MAGI) on your tax return. We’ll figure out how much you can deduct.
Keep in mind that if your total IRA contributions (both Traditional and Roth) exceed the allowed amount for the year, and you haven’t withdrawn your excess contributions, there will be a penalty.
For more info on eligibility and how much is deductible, have a look under Related Information below.