ROTH & Roth 401k & IRA combination contributions
Please dont read any other info into the questions….
1) simply Questions for a yes or no answer: assume my income is $175K, I’m 50 years old, can i max the 401K-ROTH AND MAX my INDIVIDUAL ROTH?
2) YES – NO? Same as above but i have no retirement plan offered at work, can i max a traditional IRA and also max my ROTH IRA in the same year.
Permalink Submitted by Alan - IRA critic on Tue, 2024-02-20 23:00
Answer can be totally different whether you are filing single, married joint, or married separate.
For single filers, the answer to both questions is No, since 175k is too high for a Roth IRA contribution.