Yes. You can contribute to a workplace 401(k) and an individual retirement arrangement (IRA) in the same year, and each account has its own contribution limit.
For 2026, the IRS lets employees put up to $24,500 into a 401(k), 403(b), governmental 457 plan, or the Thrift Savings Plan, plus a separate $7,500 into an IRA. Savers aged 50 and over can add catch-up contributions of $8,000 to most workplace plans and $1,100 to an IRA, and workers aged 60 to 63 get a higher workplace catch-up limit of $11,250. Having a 401(k) does not block IRA contributions, but it can affect the tax deduction: if you or your spouse are covered by a retirement plan at work, your traditional IRA deduction phases out as income rises. For 2026, that phase-out runs from $81,000 to $91,000 for single filers covered at work and from $129,000 to $149,000 for married couples filing jointly when the contributing spouse is covered. Roth IRA eligibility has its own income limits, phasing out between $153,000 and $168,000 for single filers and heads of household.
Source: IRS, 401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500
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