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Can I contribute to both a traditional and a Roth IRA?

SOLVEDby TurboTax543Updated December 27, 2021

Yes. You can contribute to both a traditional and a Roth IRA in the same year and can split your contributions any way you choose, as long as the combined total doesn't exceed $6,000 (or $7,000 if you turn 50 or older at the end of 2021).

Keep in mind that if the sum of your traditional and Roth IRA contributions exceed the allowed amount for the year, there will be a 6% annual excess contribution tax on any overage after the filing deadline for your return has passed.

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

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