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Retirement tax questions
No, you can contribute to both a Roth IRA and a Traditional IRA in the same year but the total contribution into both cannot exceed $5,500 for individuals under 50, and $6,500 for those 50 and over. According to Retirement Topics - IRA Contribution
Limits:
For 2015, 2016, 2017 and 2018, your total contributions to all of your traditional and Roth IRAs cannot be more than:
- $5,500 ($6,500 if you’re age 50 or older), or
- your taxable compensation for the year, if your compensation was less than this dollar limit.
The IRA contribution limit does not apply to:
- Rollover contributions
- Qualified reservist repayments
June 1, 2019
9:47 AM