Can an individual contribute to both a 401(k) plan and an IRA?
Individuals with eligible income who are under age 70&189 may contribute to a Traditional IRA; however, the IRA contribution may not be deductable due to the individual’s participation in a 401(k) plan. Participation in a 401(k) plan does not affect an individual’s eligibility for Roth IRA contributions.
Related Questions
- How do I convert my Profit Sharing Plan to a Principal Trust Individual 401(k)? What forms do I need to fill out and send?
- How do you convert a Profit Sharing Plan with another trustee to a Principal Trust Individual 401(k)?
- What are the costs to convert a Profit Sharing Plan to a Principal Trust Individual 401(k)?
