I contributed over $2,000 to my 401-K in 1998. Can I still open a Roth IRA for 1998? Can I contribute to both in future years as well?
Greetings, 2gynkv, and welcome. You asked:I contributed over $2,000 to my 401-K in 1998. Can I still open a Roth IRA for 1998? Can I contribute to both in future years as well?Yes to both questions. As long as you have the earned compensation to support a Roth IRA and you don't exceed the maximum AGI limits for a Roth, you may contribute to both your 401k and a Roth. Contributions to either have no effect on your ability to use the other.Regards….Pixy
Contributions to a 401K are not connected to your IRA. So, you can contribute the maximum $10,000 to your 401K this year and contribute $2,000 to an IRA, this year and all future years.Just make sure to get all the matching funds from your employer that you can before you put money into your IRA.Zev
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