Can I make max tax deductable contributions to more then one account?
2007-09-06 13:27:42 · 3 answers · asked by ng1g 2 in Business & Finance ➔ Taxes ➔ United States
Yes, you can have both a 401K and an IRA. The contribution limit for a 401k is $15,500 per year. The limit for an IRA is $4,000. There is also a catch up provision for people closer to retirement which allows you to put in a little extra, but I do not remember what those numbers are. You can have more than one of each of those types of accounts, but total contributions are limited to the amounts above for all accounts together.
Hope that helps!
2007-09-06 13:38:53 · answer #1 · answered by kristin 2 · 2⤊ 0⤋
You can have as many accounts as you want to, but the annual limit is the total contribution you can make to all.
2007-09-06 20:35:17 · answer #2 · answered by Judy 7 · 0⤊ 1⤋
your income level may limit you with IRA's - talk to a CPA
2007-09-06 21:28:31 · answer #3 · answered by Anonymous · 0⤊ 1⤋