Greetings, DaveyGravy, and welcome.<<I have a question that I have asked several people and nobody knows for sure. Can one have a 401K plan and an IRA simultaneously? Since my 401k only offers funds to invest in, I would like to start an self-directed IRA so I can pick specific stocks. I would just choose the IRA alone, but the 401k matching is too good to turn down. If it is possible to have both, are the contributions for both plans deductible?>>Yes, you may have and contribute to a 401k plan and an IRA at the same time. The only issue is whether the contributions to the IRA will be deductible because you are an active participant in a retirement plan at work. If your AGI is below $30K (single filers) or $40K (joint filers), you may deduct up to $2K per year for your own IRA contribution. Between those amounts and an AGI of $40K (single) or $50K (joint), you may deduct some of the contributions. Above those higher amounts, none of the contributions may be deducted, but you may still contribute up to $2K and the earnings will accumulate tax deferred. See IRS Publication 590, Individual Retirement Arrangements, for details.Regards…..PixyThanks in advance,
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