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Can I have both a Roth and a traditional IRA

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    Can I have both a Roth and a traditional IRA

    Can I contribute to a Roth and a traditional IRA simultaneously?

    Thank you.

    #2

    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.


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      #3
      Just confirming what poundwise said.
      Steve

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        #4
        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.)

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          #5
          Thank you for the replies.

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            #6
            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.

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