Question regarding IRA contributions?

Update: so the max on IRA contributions is $5,500 per year. the max on 401k contributions is $18,000 per year. but: you know how it has to come from "earned income"... like, you can't just take $5,500 from your bank account and put it into an IRA.... it has to come from earned income from a job during... show more so the max on IRA contributions is $5,500 per year.

the max on 401k contributions is $18,000 per year.


but: you know how it has to come from "earned income"...

like, you can't just take $5,500 from your bank account and put it into an IRA....
it has to come from earned income from a job during the year.........


okay, let's say,
you have $100,000 in your bank account.
you're using your bank account to pay your bills.
Update 2: The job you have, pays $18,000/year. You invest 100% of it into your 401k, giving you ZERO take-home pay. but technically, you still have $18,000 of "earned income." Question: Can you still contribute $5,500 to an IRA (based on your earned income)? it's like you're contributing to both a... show more The job you have, pays $18,000/year.
You invest 100% of it into your 401k, giving you ZERO take-home pay.


but technically, you still have $18,000 of "earned income."
Question: Can you still contribute $5,500 to an IRA (based on your earned income)?

it's like you're contributing to both a 401k and an IRA with the SAME "earned income" counting twice. Is that legal?
Can you do that?
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