Is there any link between the contribution limits for a 401k and an IRA?Not that I'm aware of.For example:Say I've contributed $5000.00 to my 401k for 2001. I have also contributed $2000.00 to my IRA. Since the two total $7000.00, I am still under the contribution limit for the 401k. Can I write off the additional $2000.00 IRA contribution?As long as you meet the criteria, chief among them the requirements to have earned income equal to or greater than the IRA contribution (likely true since you made 401(k) contributions in your example) and an AGI that isn't too high for your filing status. Check the IRS website for the limits.malakito.
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