Can I contribute to a 401k and IRA?

In 2019 if you have a 401k you may be able to also contribute to an IRA. Check out the income limits and 401k eligibility to see if you can contribute to both plans. You may also contribute to an IRA if you or your spouse has a 401k.
00:00 intro
01:00 401k with an IRA Eligibility
01:09 IRA Income and Contribution Limits
01:32 IRA Income Limit Phaseout
01:54 Non Deductible IRA
02:11 Married Filing Jointly IRA Eligibility with 401k
04:05 Recap on Contributing to a 401k with an IRA
04:20 Roth IRA eligibility with a 401k
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[@TravisSickle]

00:00 intro
01:00 401k with an IRA Eligibility
01:09 IRA Income and Contribution Limits
01:32 IRA Income Limit Phaseout
01:54 Non Deductible IRA
02:11 Married Filing Jointly IRA Eligibility with 401k
04:05 Recap on Contributing to a 401k with an IRA
04:20 Roth IRA eligibility with a 401k

[@ayikatho]

Exactly the info I was looking for! Thank you Travis! 😃👍🏾

[@MiningforGems]

This was great! Short and understable.

[@nebulousJames12345]

soooooo....Please tell me if the below is true
I work and my spouse does not work. Household income is 168,000. I have a 401k at work. My spouse can contribute the full amount to a traditional ira via spousal ira. However, I cannot. Though I can contribute the full amount to a roth ira.

[@joshuakrause8343]

Thanks Travis.
Your videos are very helpful. Subscribed 👍🏽

[@joshuakrause8343]

Sickle Hunter Financial Advisors
Of course. I went into your videos and didn’t seem to find anything on index funds vs mutual funds? More specifically passive vs active management/ pros and cons.
Thanks again!

[@linlipq]

If I contribute to 2023 Roth IRA, the income limit based on my 2022 tax return, or how much I expect to make in 2023?

[@TravisSickle]

2023 numbers for 2023 contributions.

[@5142tsx]

I maxed out a 401k and 457 from my employer so does 39000 will come out my taxable income?

[@TravisSickle]

2021 max is 19500 and for 2022 it's 20500 for the 401k employee contributions. The remaining amount may be able to do a backdoor Roth conversion but it depends on plan documents. ua-cam.com/video/N6HjUh_0Lbs/v-deo.html

[@gary62or45]

Thank you Travis for sharing this information. Much appreciated.

[@arthurdeleniq]

Sir you spent all this time and said nothing , i watched re watched and yet have no idea , can you have both a roth ira and a 401k or not just say yes ir no and explain why shuld you do it or not !

[@TravisSickle]

I appreciate you watching the video twice. 04:05 I said, "...if you have a 401k you can have both a traditional and a Roth IRA..." I'm assuming you are not really asking if you can have both types of accounts but really about making the contributions. And as for the contributions, they're explained clearly in the video which are based on income and filing status.

[@arthurdeleniq]

@@TravisSickle sir i watched and i'm still bamboozled lol thanks anyway

[@TravisSickle]

Well just read the comment above. Can't help otherwise. Goodluck.

[@korswe]

Confusing video for me. For young, high-income earners, I think you can contribute $6,000 to a Traditional IRA so long as you do not ask for tax deductions. That is, after-taxed money of $6,000 may be put into the Traditional IRA. After that, I think you can “backdoor” said after-taxed $6,000 in the Traditional IRA into a Roth IRA.

[@TravisSickle]

Huge pitfall here. Pro-Rata rule. check that out before doing a backdoor Roth conversion. ua-cam.com/video/U_O9VoSnVII/v-deo.html

[@callingoutbullshit3623]

I just started both from my new job. Not sure if its a roth IRA or traditional IRA but im putting 3% in both and im only 24. Do you think I made a wise decision or no? Just curious