I have enrolled in my company’s 401(k) plan. Am I still eligible to contribute to a Traditional IRA while contributing to the 401(k)? Additionally, what are the contribution limits if I am over 55 years old?
Yes, provided that box 1 of your W-2 shows enough compensation to support the contribution. The overall contribution limit for someone over age 50 in 2024 is $8,000. However, because you are covered by a workplace retirement plan, the traditional IRA contribution might partially or fully nondeductible depending on your modified AGI for the purpose and your filing status.
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