401k and Roth IRA contributions in same year?
Can an active 401k participant contribute monies to his/her 401k and contribute to a Roth IRA? If not, what do I do to correct these contributions?
Can an active 401k participant contribute monies to his/her 401k and contribute to a Roth IRA? If not, what do I do to correct these contributions?
Permalink Submitted by Alan Spross on Fri, 2008-02-29 03:09
The 401k contribution would not affect the Roth contribution. To qualify for a Roth contribution, you must have earned income but your modified AGI cannot exceed the threshold for a Roth contribution. That figure depends on marital filing status.