TurboTax FAQ
TurboTax FAQ
415 people found this useful

Can I contribute to a Traditional AND a Roth IRA?

Yes. You can contribute to both a Traditional and a Roth IRA in the same year, but there are contribution limits. Split the contributions any way you choose as long as your contributions to both plans don’t total over $5,500 ($6,500 if you turn 50 or older at the end of the year).

Keep in mind that if your total IRA contributions (both Traditional and Roth) exceed the allowed amount for the year, and you haven’t withdrawn your excess contributions, there will be a penalty.

Additional limitations could also apply based on your filing status and modified adjusted gross income (MAGI).