Re: can a tax payer take an IRA if they max out on their employees 401k of 19500?

wahcpa · ‎03-13-2022

I have a client that has maxed out on his 401k contribution on19,500. Can they also do an IRA of 6000?

Thanks,

abctax55 · ‎03-13-2022

"take" or "make" an IRA? And making an IRA contribution when covered by an employer plan is dependent on AGI.

HumanKind... Be Both

sjrcpa · ‎03-13-2022

Yes. Whether they can deduct it or not depends on their income.

The more I know the more I don’t know.

wahcpa · ‎03-13-2022

Thanks