disqualified from IRA contribution?
I have a prospect that has contributed this year to his 401-k. He now has a new 401-k plan with the same company, that he will not be able to contribute to until next year.
Can he contribute to an IRA?
I have a prospect that has contributed this year to his 401-k. He now has a new 401-k plan with the same company, that he will not be able to contribute to until next year.
Can he contribute to an IRA?
Permalink Submitted by Alan - IRA critic on Mon, 2014-08-25 19:55
He can contribute to an IRA, but it might be limited to a non deductible TIRA contribution because he is covered by a workplace plan this year. If his income is below the Roth limit, he can also contribute to a Roth IRA. His modified AGI for the year will determine if he has other options besides a non deductible TIRA contribution.
Permalink Submitted by Barbara Lane on Mon, 2014-08-25 20:53
thank you Alan