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Can I have an individual retirement account (IRA) and an 1165(e) Plan?

April 26, 2017individual retirement account IRA Plan

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Can I have an individual retirement account (IRA) and an 1165(e) Plan?

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Yes, and you may contribute to both, however, the deduction for the contribution to your IRA may be limited, depending on your income and your contributions to the 1165(e) plan. The deduction between the two cannot exceed the $8,000 limit imposed by law.