Union sponsored 401K and IRA
I have a union 401K plan which I recently started to pay into and I am wondering if I can still contribute to my IRA as well?
I have a union 401K plan which I recently started to pay into and I am wondering if I can still contribute to my IRA as well?
Permalink Submitted by Alan Spross on Mon, 2009-02-09 21:19
Yes, you can contribute.
However, since you are covered by an employer retirement plan, a traditional IRA contribution may not be deductible if you income exceeds certain limits. In that case, you could make a Roth contribution if your income is below the different Roth threshold.
If your income is too high for either of the above, you can always make a non deductible traditional IRA contribution and file Form 8606 to report it.