You can contribute to a traditional IRA even if you participate in an employer-sponsored retirement plan (The Entertainment Industry 401(k) Plan). What is important to determine is whether or not the IRA contribution will be tax-deductible. For 2024, you can make an IRA contribution up to a maximum of $7,000 annually ($8,000 if you have attained age 50 by the end of the year). However, if you or your spouse are covered by an employer-sponsored retirement plan for any part of the year, whether or not you elect to make a contribution, that will affect how much, if any, of your contributions is tax-deductible (see below.)

You can also contribute to a Roth IRA even if you participate in an employer-sponsored retirement plan. You can contribute up to $7,000 annually ($8,000 if you have attained age 50 by the end of the year), but the amount you can contribute may be reduced or even eliminated depending on your modified adjusted gross income (MAGI) and your income tax filing status. Contributions to Roth IRAs are not income tax-deductible. The following link can be used to determine what amount of your 2024 contributions to a traditional IRA is tax-deductible:

2024 IRA Contribution and Deduction Limits – Effect of Modified AGI on Deductible Contributions if You are Covered by a Retirement Plan at Work