Is the contribution limit for both my Roth IRA and my simple IRA $6,500? Or can I contribute $6,500 to my Roth IRA and $6,500 to my simple IRA?

[dmertz · Accepted solution]

The $6,500 limit does not apply to contributions to SIMPLE IRA plan provided by your employer.  A different, entirely separate limit applies, except that your contributions to a SIMPLE IRA reduce the amount of compensation that would otherwise be available to support a contribution to a regular traditional or Roth IRA.  Your elective deferrals to a SIMPLE IRA for 2023 are limited to $15,500 plus, if age 50 or over, a $3,500 catch-up.

However, if by "simple" IRA you mean an ordinary traditional IRA, not a SIMPLE IRA, $6,500 is the combined 2023 contribution limit for regular traditional and Roth IRAs.  If you contribute $6,500 to a Roth IRA (and are under age 50), you are not permitted to contribute anything to a traditional IRA.

[dmertz]

Post above edited to clarify the difference between a SIMPLE IRA plan provided by your employer and an ordinary traditional IRA.