Can I contribute to both a 401(k) and an IRA?

You can contribute to an IRA even if you or your spouse (if you file jointly) are covered by a retirement plan at work, such as a 401(k). For more information on IRA contribution limits, see the topic How do I know if I contributed too much to my traditional IRA?

The amount you can deduct from your IRA contribution is based on your filing status and modified adjusted gross income. We'll calculate this for you. For more information, visit IRA deduction limits.