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Yes, you can invest in both an IRA and a 401k (or a Roth 401k and a Roth IRA) at the same time, or any combination of those accounts.
If your company doesnât have a 401(k) plan, then you can get a deduction for the amount your contribute to an IRA. The new tax law effectively limits annual contributions to an IRA (either Roth or Traditional) to $5,500 per year for people up to 50 years old and $6,500 per year for people over 50.