Can you contribute to both an ira and a 401k

If you’re wondering if you can contribute to both a 401(k) and an IRA, here’s what to know. Is It Possible to Contribute to Both Retirement Accounts? In a word, yes. The IRS allows for individuals to contribute to an IRA and 401(k) at the same time. But not everyone qualifies to contribute to both types of retirement accounts.

You can contribute to both an IRA and a 401(k), but there are limitations you need to know.

Can I Contribute to a 401(k) & an IRA?

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You can always contribute to both an IRA and 401 (k). However, if your income exceeds the phase-out limit ($74,000 for individuals and $ for joint filers), then you will likely want to couple a traditional …

People Also Ask can you contribute to both an ira and a 401k

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

One of the most frequent questions we encounter is, “Can I contribute to both a 401 (k) and IRA?” The answer is yes. In fact, this is the most ideal situation for individuals as it allows you to take advantage of the various tax benefits of both retirement accounts.

Can I contribute to two retirement accounts?

In fact, this is the most ideal situation for individuals as it allows you to take advantage of the various tax benefits of both retirement accounts. However, while you can always contribute to both accounts, your eligibility to receive the tax benefits of these plans depends on your income.

Should you use an IRA as a supplement to your retirement plan?

The bottom line is that IRAs can add flexibility to your retirement strategy, so it can certainly be a good idea to use one to supplement your employer-sponsored retirement plan. The Motley Fool has a disclosure policy.

Are you eligible to contribute to an IRA and take a deduction?

If you have a 401 (k) or similar retirement plan at work, your eligibility to contribute to an IRA and take a tax deduction depends on your income and which type of IRA you’d like to contribute to — traditional or Roth IRA. Image source: Getty Images.

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