Defined Benefit Pension Plan and 401k/Profit Sharing Plan

[darnabeel]

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

 

[jfoxcpacfp]

darnabeel wrote:

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

 

Click to expand...

Yes, you are. The DB and 401k are employer plans and the non-deductible TIRA is a personal retirement account.

[darnabeel]

Thank you!

[Emparion]

You can but it would probably be a non-deductible contribution. I would always consider a mega backdoor roth in this situation.

[jacoavlu]

why are you digging up a bunch of old threads?