Maximum contributions to multiple accounts

[Guest barryfz]

I have been searching the internet for an answer to what would seem to me to be a very common question with little satisfying results. What I want to know is this:

What contribution limits apply to funding a personal IRA and/or Roth IRA after I have made a $15,000 contribution to my 401k? I am over 50 years of age and frankly I would rather fund accounts outside of my 401k as I don't feel the options I have for making investments in the plan are good.

[txdd]

Contributing to a 401k has no effect on your combined traditional/Roth IRA contribution limit: $5,000 in 2006 and 2007 if you're over 50.

Participating in a 401k can affect the deductibility of a traditional IRA contribution. Also, your 401k contributions reduce your AGI which can affect your eligibility to make Roth contributions.

See the details in IRS Pub 590.