Total allowed contributions to retirement account
I gather that there is a maximum contribution amount of $58000 per year per person in retirement accounts, reading through this IRS publication https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-401k-and-profit-sharing-plan-contribution-limits
Does the $58000 limit in 2021 include any contributions I have made to a non-deductible Traditional IRA or Roth IRA account in 2021?
Thanks!
Permalink Submitted by Alan - IRA critic on Mon, 2021-11-15 15:48
No. The 58,000 limit is for defined contribution plans per employer. It also applies to SEP IRAs, but not traditional or Roth IRAs.