Can I contribute the same amount to an IRA as my 401(k)?

January 22, 2003

Subject:  401k and IRA deductions
Date:  Mon, 09 Dec 2002
From:  Karthik

Hi

I was saving through my employer's 401 k, but lost my job in May so contributions ended in May. I have contributed about $4,000 this year.

I am not eligible for my new employer's plan until January. Can I invest in an IRA for the difference ($7,000) for 2002 and deduct them from taxes?

Thanks,
Karthik

Answer

Date:  Fri, 03 Jan 2003

Hello Karthik,

The answer is "No."

Good luck!
Mike Gray

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