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