IRA Roth and 401k Roth
Can a person contribute $5,000 to an IRA Roth and also contribute (less than $16,000) to a 401k Roth in the same year? He’s married and his modified adjusted gross income is less than $160,000. Thank you for your response and thank you to the forum.
Permalink Submitted by Alan Spross on Mon, 2011-03-07 21:56
Yes, the Roth IRA contribution would not be limited by the Roth 401k contribution. The modified AGI maximum limit is the only factor to be considered as long as there is earned income, and 160k is under the limit.