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Question

Can you contribute to both employer sponsored retirement plan and IRA

Forum|Forum|3 years ago
February 6, 2023
2 replies
0 views

So you'll have both both employer sponsored 401K or 457b and Roth IRA per tax year. Is this allowed?

Employee

Yes provided you qualify with the income limitations. For TY22 contributions phase out at these levels:

MFJ 204,000-214,000
Single, HOH $129,000-144,000
MFS $0 - 10,000

You can contribute up to $6,000 under age 50 or $7,000 if age 50 and above.

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AmyC thank you very much it was just what I was looking for too, you have detailed it perfectly