Keep both 401K and IRA?

Question

If I can keep both 401K and IRA, can I contribute both accounts in same year? Another question is can I transfer from 401K to IRA and reversely?

Answer 1

Can you contribute to both: Yes. There are limits to IRA contributions if you are covered by a 401k at work.

Can you transfer between: No. Generally, you have to leave a job to have access to the 401k money.

Just put the money and let it ride......

Answer 2

You CAN keep both accounts open and contribute up to 15K a year in your 401K and 4K in your Roth. Once you leave your current employment, you can roll over you 401K to an IRA, but not the other way around.