You Can Contribute to an IRA and a Company 401(k)

You can contribute to a 401(k) and an IRA in the same year, and contribution limits are not reduced to an IRA based on 401(k) participation.

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Links to resources referenced: 

• IRS Retirement plans FAQs regarding IRAa
  • https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-iras#Contributions
  • Related column excerpt:
    • “You can contribute to both a company 401(k) and an IRA (individual retirement account) at the same time. The IRS website page for IRA FAQs, in answer to the question ‘Can I contribute to a traditional or Roth IRA if I'm covered by a retirement plan at work?’ states: ‘Yes, you can contribute to a traditional and/or Roth IRA even if you participate in an employer-sponsored retirement plan (including a SEP or SIMPLE IRA plan).’”
• IRS Roth comparison chart
  • https://www.irs.gov/retirement-plans/roth-comparison-chart
  • Related column excerpt:
    • “The IRS has a Roth Comparison Chart that breaks down the differences between a Roth IRA, a designated Roth 401(k) and a pre-tax 401(k). IRS Publication 590-A covers contributing to an IRA.”
• IRS Publication 590-A
  • https://www.irs.gov/pub/irs-pdf/p590a.pdf 
  • Related column excerpt:
    • “The IRS has a Roth Comparison Chart that breaks down the differences between a Roth IRA, a designated Roth 401(k) and a pre-tax 401(k). IRS Publication 590-A covers contributing to an IRA.”