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I am kinda new to the 401k investment idea...never had the oportunity to have a 401k. I have an IRA right now and was wondering if an individual could have both and if so what are the tax implications? Please help me...

Novice 401k,
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Greetings, Sakai1972, and welcome. You asked:

<<I am kinda new to the 401k investment idea...never had the oportunity to have a 401k. I have an IRA right now and was wondering if an individual could have both and if so what are the tax implications? Please help me...>>

Yes, you may have a 401k and an IRA at the same time. The only question is whether any contribution to the IRA wll be deductible for tax purposes. That depends on your filing status and your adjusted gross income. For details, visit our IRA area at http://www.fool.com/money/allaboutiras/allaboutiras.htm. If all you can make is a nondeductible contribution, then almost certainly you would be better served by doing so to a Roth IRA from which you may ultimately take tax-free withdrawals.

Regards..Pixy
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