hhi96
Aug 29 2001, 08:05 PM
What are the rules on being in a 401k and opening a ROTH IRA? Is this allowed?
Michael Devault
Aug 30 2001, 06:37 AM
Your participation in a 401(k) plan has no effect on your ability to contribute to a Roth IRA.
To be able to contribute to a Roth IRA, you must have taxable compensation and your modified Adjusted Gross Income must be below a specified amount which depends on your federal income tax filing status. Check out IRS Publication 590 for compete details... it's available on the IRS' web site.
Hope this helps.