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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: hgjjgkj on October 15, 2017, 08:55:09 AM

Title: 401k contribution
Post by: hgjjgkj on October 15, 2017, 08:55:09 AM

Hi all,

I have a 401k through my employer but the match is terrible. However i am still interested in investing up to the full 18k limit for tax reasons. I have a self directed IRRA through my bank. I like to keep as much money within the BOA ecosystem as possible for rewards purposes. Am I able to contribute the difference between $18,000 - my contributions to my employer 401k to my bank IRRA and still get the tax deduction?

Title: Re: 401k contribution
Post by: plog on October 15, 2017, 09:01:14 AM

No.  And a terrible match is a lot better than no match.

Title: Re: 401k contribution
Post by: Gin1984 on October 15, 2017, 01:59:36 PM

Do you mean an IRA when you wrote IRRA?

Title: Re: 401k contribution
Post by: MDM on October 15, 2017, 08:06:47 PM

Quote from: hgjjgkj on October 15, 2017, 08:55:09 AM

Hi all,

I have a 401k through my employer but the match is terrible.

Having a good match is a "nice but not necessary" perk.  See To 401k or not to 401k? That is the question. (https://forum.mrmoneymustache.com/investor-alley/to-401k-or-not-to-401k-that-is-the-question-43459/) for more.

Title: Re: 401k contribution
Post by: hgjjgkj on October 15, 2017, 08:47:47 PM

I did have both an IRA and IRRA. But I do not think that in kind distributions are available to me.