3

For 2017 the IRA contribution limit is $5500 and 401k contribution limit is $18,000. Could you contribute $5500 to the IRA and $18,000 to the 401k in the same year or are you limited to one account or the other?

0

1 Answer 1

3

Those are separate limits. You can contribute the full contribution limit to both in the same year.

So you can contribute $18,000 to your 401k and $5,500 to your IRA in the same year.

Important note though, the contribution limit is across all accounts of that type. So for example, you can only contribute $18,000 combined to both a traditional and roth 401k in the same year, and $5,550 combined across any number of IRA accounts

1
  • 1
    Also note (as mentioned in the duplicate) that you may not be able to deduct the IRA contribution if you are covered by a 401k.
    – BrenBarn
    Jul 27, 2017 at 7:29

Not the answer you're looking for? Browse other questions tagged .