contributions to roth and traditional ira

[cspyon]

I get confused about this.

I'm 62 years old. 

Can I contribute to Roth IRA and Traditional IRA, respectively? The limit for my case is $8,000.

I mean, can I contribute $8000 to Roth IRA, and another $8000 to traditional IRA?

Or should the combined amount be $8000? 

[VolvoGirl]

No.   The combined total is 8,000.  

[DoninGA · Accepted solution]

For 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

• $7,000 ($8,000 if you're age 50 or older), or
• If less, your taxable compensation for the year

[cspyon]

Oh, I see. 

What if I already contributed $8000 to both?

[dmertz · Accepted solution]

If you make $8,000 contributions to both the traditional and Roth IRAs and make no corrective distribution, you have an $8,000 excess contribution, deemed by the tax code to be in the Roth IRA.  However, because returns of contribution are not required to be distributions of excess contributions, you could obtain a return of contribution of the $8,000 traditional IRA contribution made for 2024, leaving you with a combined total of $8,000 of contributions, all in the Roth IRA, and no excess contribution.

[cspyon]

I'm a bit confused.

What I want to know is whether I can cancel my contribution of $8000 to Roth IRA, which I already did in Jan. 2024,  and switch that contribution to the traditional IRA.