USA Can I have both 401k and Roth IRA in the same year?

[George123]

First several months of this year I was employed and had Traditional 401k plan where I've contributed 8k. Then I was unemployed, and now, for the last few months of this year, I have another job without 401k plan. Before the end of this year, I am going to open Roth IRA account and contribute 6k in it.

Can I have them both in the same year, 2020?

Just in case, I am 62, married, live in NY state, and our expected total income for this year would be 127k.

Thanks

 

[MoralesTax]

Hi George,

Yes, you can have both. So long as your income remains under $196,000 for 2020, while filing jointly with your significant other, you qualify to contribute up to $7,000 (since you're over age 50, you get an additional $1,000 catch-up contribution) to a ROTH IRA.