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Not applicable
posted Apr 24, 2023 6:39:29 PM

Just the Roth

I know the maximum combined contributions to an IRA is $6,500 for the 2023 year.  Can I have JUST the Roth IRA and not a Traditional IRA?  This considering that I am not worried about deductions as I have a retirement plan with work and am within MAGI limits.

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1 Replies
Level 15
Apr 25, 2023 1:36:28 PM

You can have either a traditional or Roth IRA or both as long as you don’t go over the contribution limit as you posted. If the traditional IRA contribution would not be a deduction a Roth seems a better way to go.