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Can I still have a traditional IRA if I contribute to my 401(k) plan at work?

Yes. Anyone with earned income can open and contribute to a traditional IRA. The contribution limit is $6,000 for 2022 (unchanged from 2021), plus an additional "catch-up" contribution of $1,000 if you're 50 or older. However, you may not be able to deduct your IRA contributions if you're covered by a 401(k) plan at work. Whether or not you can deduct your IRA contributions depends on your filing status and annual income (adjusted gross income, or AGI). Specifically, for tax year 2022:

  

Special rules apply if your spouse is covered by a plan at work, but you are not. You may also qualify for a partial tax credit for amounts contributed to your traditional IRA or your 401(k) plan.

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All information provided in this article is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investment, or investment strategies. Please ensure to first consult with a qualified financial adviser and or tax professional. Further, please note that while said information has been obtained from known sources which are believed to be reliable, none of these are guaranteed.