Roth vs. Traditional: Help needed

[jIM_Ohio]

Silly question about a trad IRA. Is there an income limit to contribute to it? Actually, what are the rules?

no income limits to contribute, there are income limits to deduct the contribution from your taxes.

[bigsaver]

Is the limit the same as a roth ira, namely $4k this year, and then $5k next year? This is just out of curiousity.

[wellheeled]

Big Saver: Your traditional and Roth IRA share the same limit, so if you contribute $2k to a Roth you can only contribute $2k to a traditional. In 2008 the limit goes up to $5k, then I think it's indexed for inflation.