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Defined Benefit Pension Plan and 401k/Profit Sharing Plan

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  • Defined Benefit Pension Plan and 401k/Profit Sharing Plan

    I'm about to start a 2016 Defined Benefit Plan and 401k/Profit Sharing Plan for 2016.

    Am I allowed to make a non-deductible 2016 Traditional IRA contribution of $5,500 in addition to maxing out 2016 contributions to the defined benefit pension plan and 401k/profit sharing plan?

    Thanks for any input

     

  • #2




    I’m about to start a 2016 Defined Benefit Plan and 401k/Profit Sharing Plan for 2016.

    Am I allowed to make a non-deductible 2016 Traditional IRA contribution of $5,500 in addition to maxing out 2016 contributions to the defined benefit pension plan and 401k/profit sharing plan?

    Thanks for any input

     
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    Yes, you are. The DB and 401k are employer plans and the non-deductible TIRA is a personal retirement account.
    Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

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    • #3
      Thank you!

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      • #4
        You can but it would probably be a non-deductible contribution. I would always consider a mega backdoor roth in this situation.
        Emparion: Cash balance plans and defined benefit plans for medical professionals | 480-770-4620

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        • #5
          why are you digging up a bunch of old threads?

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