IRA Question?

[bjl584]

I am currently searching for a new job. Assuming that I find employment sometime in the near future, I am going to have a 401K that I need to do something with. I am thinking of rolling it over into an IRA. I currently have a ROTH IRA that I fund to Max. My question is this: Am I able to fund BOTH a ROTH and a Traditional IRA to Max, or is it either/or so long as I don't go over the Max amount allowed (currently $5000 annually for me)?

[sweeps]

Your combined contribution limit to Roth and traditional IRAs is $5,000.

Note that rollovers/conversions do not apply to that limit.

[bjl584]

Okay. That's what I thought. Thanks for the help.

[Aleta]

Also, for those 50 yrs or older, they can contribute an extra $1,000, which makes it $6,000.