Contributing Traditional IRA after maxing out 401k

[mrc]

Hi,

Can I contribute the maximum of the traditional IRA contribution limit after maxing out 401k as long as I meet modified AGI limit for 2022? 

Thanks for your help in clarifying it.

- Mrc

[newtecher]

www.fool.com/retirement/plans/401k/contribute-to-401k-and-ira/

[Fearchar]

If you are over age 50, then between yourself and your employer, $73,500 may be placed into a 401K in the 2023 tax year.

If under age 50, then it's $66,000.


Of that amount, up to $22,500 / $30,000 can be before taxes for people under/over age 50.
That is, you may reduce the amount of income reported to the IRS by up to that amount.



www.aarp.org/retirement/planning-for-retirement/info-2021/401k-contribution-limits.html?cmp=KNC-DSO-COR-Core-Retirement-NonBrand-Phrase-37686-GOOG-RETIREMENT-401KContribution-Phrase-NonBrand&gclid=Cj0KCQiAjbagBhD3ARIsANRrqEstwZHcHENDaSwsQADmW0R5Ol5Zvhpi9HXphvTHasUmbmD27Cq3O7EaAoVjEALw_wcB&gclsrc=aw.ds