Contribution Limits
Hello,
Is the amount that you can contribute to a Traditional IRA that you have set up on your own affected at all by the amount you are contributing to a 403b at work?
Thank you for your help. Much appreciated.
Hello,
Is the amount that you can contribute to a Traditional IRA that you have set up on your own affected at all by the amount you are contributing to a 403b at work?
Thank you for your help. Much appreciated.
Permalink Submitted by Alan - IRA critic on Sun, 2024-09-08 10:15
No, but participation in the 403b will subject you to an income limit over which you cannot deduct the IRA contribution. The limit depends on your filing status (single or joint) and also whether a spouse is contributing to a workplace plan. If the IRA contribution cannot be deducted, a Roth contribution (subject to higher income limits) is preferable to a non deductible IRA contribution.