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by Anonymous on November 9th, 2005

Anonymous

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Can I contribute to an IRA in the same year I was laid off and had contributed to a 401k?

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  • by IsZatSo on April 3rd, 2006

    IsZatSo

    Yes. You can make payments to an IRA anytime you want, regardless of job status. Being laid off makes contributions your contributions zero. Also can no longer contribute outside of work to the 401k, although you can in some plans park the 401k money, until it can be rolled over to another 401k.

    Simple answer. Yes.

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