Can you make a non-deductible IRA contribution if you max out your 401(k)?
Can one make a non-deductible Traditional IRA contribution in addition to maxing out the 58,000 to the 401(k)?
Can one make a non-deductible Traditional IRA contribution in addition to maxing out the 58,000 to the 401(k)?
Permalink Submitted by Alan - IRA critic on Thu, 2021-03-18 20:15
Yes, as long as there is earned income to make the contribution.
Permalink Submitted by cathy bogolin on Tue, 2022-05-24 01:49
Just curious if the spouse can also make a non-deductible IRA contribution if they already maxed out their 401k, up to their “earned income”, can they use the other spouses earned income, or does it have to be there own earned income?
Permalink Submitted by Alan - IRA critic on Tue, 2022-05-24 02:00
The spouse with the lower earned income can make a spousal contribution using other spouse’s earned income, but the total contributions of both spouses cannot exceed their combined earned income.