Can an individual contribute to both a corporate retirement account and an IRA simultaneously?

An individual can indeed contribute to both a corporate retirement account, such as a 401(k), and an Individual Retirement Account (IRA) at the same time without restrictions. This means that regardless of contributions to the corporate retirement plan, one can still make contributions to an IRA.

It's important to note, however, that while an individual can contribute to both types of accounts, the total contributions for tax-advantaged accounts may be subject to limits set by the IRS. For example, each type of account has its contribution limits, and individuals should be mindful of these to avoid exceeding the maximum allowable contributions. Additionally, the deductibility of IRA contributions may be affected depending on participation in a corporate retirement plan and one's income level, but the ability to make contributions to both accounts remains intact.