“If you make a contribution to your 401(k), you can reduce your taxable income by the amount of the contribution. If you also put money into an IRA, is your taxable income reduced by the combined amount?”
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I make 134k base and can receive up to 15% bonus payment. Do I have to factor in bonus ? I file as single HOH
My daughter did not max out on her 401k contribution, is she able to contribute $6k to an IRA? Her income is $70k. Is she still subject to the phase out even if she did not max out on her 401k contribution?
I was looking for this information for three days lol. Thanks
Thank you so much for this information. Does this also apply to a solo 401(k)? If you are self-employed and make both employee and employer contributions can you also make a separate contribution as an individual to an IRA whether it’s Roth or traditional?
Hi, Travis. I need to know if I can contribute to an SEP AND a Traditional IRA in the same year and if so, does the SEP contribution limit take priority over the traditional?