Guest hhi96 Posted August 30, 2001 Posted August 30, 2001 What are the rules on being in a 401k and opening a ROTH IRA? Is this allowed?
Michael Devault Posted August 30, 2001 Posted August 30, 2001 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.
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