Quote:
Originally Posted by AmbitiousSaver
Also, if you have a Roth - I know you can only contribute a maximum of $5K between however many accounts you have. But I don't understand how it works if you have a Roth and a Traditional. Can you contribute $5K to each?
|
Jim gave a great answer to most of your questions but this one wasn't addressed yet.
You can contribute a total of $5,000 in 2008 to any IRA plan, traditional or Roth. You can split the money how ever you'd like, but the total can't exceed $5,000. It is not $5,000 for a Roth and another $5,000 for a traditional. It is $5,000 total.
Keep in mind, though, that both you and your husband can each put in $5,000, so $10,000 total for the two of you.