2007-09-27 05:13:09 · 5 answers · asked by stevieb 1 in Business & Finance ➔ Personal Finance
Yes, you can contribute as much as you want but only a certain amount of it is tax deductible.
2007-09-27 05:21:21 · answer #1 · answered by Truth is elusive 7 · 0⤊ 0⤋
Yes. Depending on how old you are and if you are doing the IRA as a single or jointly determines how much you can invest. If you are single and under 50 its $4,000 per year. Something you might want to look into is a roth IRA if you are in a 401k plan already. You get taxed on the front end but the interest you earn grows tax free.
2007-09-27 05:28:13 · answer #2 · answered by trh7183 1 · 0⤊ 0⤋
You can, however your contribution to the IRA can be limited depending on your income level since you are participating in an employer's 401(k) plan. Also, the contribution max to the IRA is $4,000 per person unless you are age 50 or older, you can make an additional $1,000 contribution.
2007-09-27 05:25:00 · answer #3 · answered by Homeslice 4 · 0⤊ 0⤋
Yes, up to $2,000 per year. This is for a traditional IRA only. You get to deduct it also, up to certain gross income limitations.
2007-09-27 05:17:21 · answer #4 · answered by lmnop 6 · 0⤊ 0⤋
Sure.
2007-09-27 05:20:25 · answer #5 · answered by Chris 3 · 0⤊ 0⤋