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457(b) Contributions And Ira

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I contribute to a government 457(b) plan. employer contributes nothing. I also wish to contribute to an IRA this year. Am I eligible to do both contributions? If so what are the limits?

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Who is eligible to contribute to a Roth IRA?

Single workers earning up to $101,000 (AGI). Phases out at $116,000.

Married couples (filing jointly) earning up to $159,000 (AGI). Phases out at $169,000.


Who Can Set Up a Traditional IRA?

You can set up and make contributions to a traditional IRA if:

You (or, if you file a joint return, your spouse) received taxable compensation during the year, and

You were not age 70½ by the end of the year.

You can have a traditional IRA whether or not you are covered by any other retirement plan. However, you may not be able to deduct all of your contributions if you or your spouse is covered by an employer retirement plan. See How Much Can You Deduct, later.


See: IRS Publication 590 for info on Traditional IRA limits for those who contribute to a retirement plan at work.


Dan Otter

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