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Old 01-01-2018, 07:58 PM
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401K and IRA

I am 60 years old single. I have contributed full $24,000 to 401K through my employer in 2017. Can I contribute additionally in traditional IRA on top of $24,000? If no, can I contribute in Roth IRA? what is the guideline for contribution in Roth IRA and what is the max amount that can be contributed?



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Old 01-02-2018, 03:40 AM
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I am 60 years old single. I have contributed full $24,000 to 401K through my employer in 2017. Can I contribute additionally in traditional IRA on top of $24,000? =======>>
even if you contribute to your 401(k) account, you may still contribute to a Roth IRA / a Traditional IRA; It will not affect the amount you are able to contribute as you're 50 or older, you may make a "catch-up" contribution of an additional $6k, for a total of $24k;aslongas you have a 401(k) or similar retirement plan at work, your eligibility to contribute to an IRA depends on your income and which type of IRA you'd like to contribute to a IRA however, your participation in the 401(k) plan may affect your ability to take a tax deduction on your return for any Traditional IRA contributions;




If no, can I contribute in Roth IRA? what is the guideline for contribution in Roth IRA and what is the max amount that can be contributed?=====>same as traditional IRA.you may as said also contribute to RIRA; your modified adjusted gross income is below the full contribution threshold for your tax filing status, you can contribute up to $6,500 or your total earned income for the year, whichever is less.And if you're above the "no contribution" amount, you can't contribute to a Roth IRA for 2017. You need to contact a retirement admin /planner for more professional help.



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