Can I have both a Roth and a traditional IRA

**poundwise** · 02-20-2009, 03:21 AM

Yes, but you can only contribute the annual max in total.

For example, the 2008 limit was/is $5k. If you have a Traditional IRA and a Roth IRA and you've contributed $3,500 to the Traditional, you can only contribute a max of $1,500 to the Roth in the same tax year.

**disneysteve** · 02-20-2009, 04:44 AM

Just confirming what poundwise said.

**boosami** · 02-20-2009, 05:38 AM

There are also different income caps on the two different types of IRAs. There are no income limits for a Traditional IRA, but you can't have a Roth if you are ineligible due to income restrictions. Roth IRAs are phased out for singles starting at $105k with complete ineligibility after $120k. For couples, the phase out starts at $166k with ineligibility is after $176k. (MAGI numbers.)

**mommyof4** · 02-20-2009, 05:54 AM

Thank you for the replies.

**jIM_Ohio** · 02-20-2009, 09:11 AM

Originally posted by boosami View Post

There are also different income caps on the two different types of IRAs. There are no income limits for a Traditional IRA, but you can't have a Roth if you are ineligible due to income restrictions. Roth IRAs are phased out for singles starting at $105k with complete ineligibility after $120k. For couples, the phase out starts at $166k with ineligibility is after $176k. (MAGI numbers.)

And these limits change if its a spousal IRA and the spouse is not covered by an employer plan.

Can I have both a Roth and a traditional IRA