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wahcpa
Level 3
March 13, 2022
Solved

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

  • March 13, 2022
  • 3 replies
  • 17 views

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

 

Thanks,

This topic has been closed for replies.
Best answer by sjrcpa

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

3 replies

abctax55
abctax55
Level 15
March 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
    wahcpaAuthor
    Level 3
    March 13, 2022

    Thanks

     

      sjrcpa
      sjrcpaAnswer
      Level 15
      March 13, 2022

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

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