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Yes. In 2007, you may contribute up to $15,500 to your 401(k) and $4,000 to your IRA (you can have a Roth or Traditional). If you are 50 or older, you may contribute $20,500 to your 401(k) and $4,500 to your IRA.

Note that your employer may also put a cap on your 401(k) contributions, such as 15% per year (this may be done to help pass non-discrimination testing). Also, if your income is too high, you are not allowed to contribute to your IRA (see link.)

2007-03-09 10:20:24 · answer #1 · answered by c 3 · 1 0

Yes, you can contribute to both, assuming that you're qualified to contribute to a Roth IRA in the first place. There are some income limitations, so make sure that you fall below those amounts.

Good for you trying to secure your retirement!

2007-03-09 10:13:45 · answer #2 · answered by SuzeY 5 · 0 0

while you're under 40 9, the max which you will put in an IRA the as quickly as a year contribution limit is $4000. 50 and over is $4500. it is something regular as a "seize up" contribution. For you employer plan the max greenback quantity is $15,500. those are separate plans, one is a agency provided plan and the different attached by skill of you. don't be attentive to ways historical you would be whether...dazzling interest! Pay your self first and the best purchase else comes after! you will have the potential to be in intense-high quality type by skill of the element you're geared up to retire! do exactly no longer provide up on the contributions.

2016-11-23 18:06:27 · answer #3 · answered by Anonymous · 0 0

You can contribute to both 401k and Roth IRA.

401k is a b*tch to take out before retirement with penalties up to 48%.

15k max contribution and impossible to withdraw until retirement. It's pre taxed so they tax you when you withdraw.

IRA is more flexible and there's even a way to get your money before you retire. Look into penalty free IRA.

4k max contribution per year and good for tax purposes.

Traditional IRA = DEDUCTIBLE but taxed when withdrawn.
Roth IRA = Grows tax free and tax free when withdrawn.

2007-03-09 10:44:25 · answer #4 · answered by Geeeyaaa 4 · 0 0

You can contribute to both given certain restrictions.

There are limites on how much you make and how much you can contribute. This year 401k is like 15000 with an extra 5k if you're 50+.

Go to IRS.GOV for the rules.

2007-03-09 10:24:31 · answer #5 · answered by dapixelator 6 · 0 0

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