☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 1, 2019 9:46:58 AM

Can I open a Roth IRA and a regular IRA and make a maximum $$ investment to each?

0 1 776
1 Best answer
New Member
Jun 1, 2019 9:47:03 AM

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:

1 Replies
New Member
Jun 1, 2019 9:47:03 AM

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: