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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.
As you probably know, a 401(k) can only be owned by one person. There is no such thing as a joint 401(k) or IRA. The most one can contribute to all of their own 401(k) plans in calendar year 2008 is $15,500. If you turn 50 prior to the end of 2008, then the max becomes $20,500. The same limits hold true for your wife.Being married and filing jointly have no impact on these limits.s you probably know, a 401(k) can only be owned by one person. There is no such thing as a joint 401(k) or IRA. The most one can contribute to all of their own 401(k) plans in calendar year 2008 is $15,500. If you turn 50 prior to the end of 2008, then the max becomes $20,500. The same limits hold true for your wife.