Can I contribute to both a Traditional and Roth IRA?


Yes, but the combined contribution limit is the same as the contribution limits that apply for both Traditional and Roth IRAs. Your total contribution limit cannot exceed your contribution limit for the year, including any catch-up contributions. However, if your MAGI is above a certain amount the contribution limit for a Roth IRA may be reduced.


IRS Circular 230 Notice: The information contained in this FAQ is provided for information purposes only, is not intended to constitute tax advice which may be relied upon to avoid penalties under any federal, state, local or other tax statutes or regulations and does not resolve any tax issues in your favor. Refer to IRS Publication 590, Individual Retirement Accounts for additional information on IRAs in general and consult your tax advisor about your individual tax situation.