Can I have both a Traditional IRA and a ROTH IRA and make full contributions to both each year? Thanks :)
2006-11-26 10:12:55 · 5 answers · asked by Brandon P 2 in Business & Finance ➔ Investing
Yup, you can have both. Many people do. If you have a Traditional IRA you can open a Roth IRA, or vice versa, but Carlos R is right, "the funding limits apply to both together" per year. So since you can only put in $4000 for this year (2006) if your under 50, and say you already put in $4000 in a Traditional IRA, you can't put anymore in a Roth for this year... and probably, "if you have a choice, put it into a Roth IRA." See this to be sure: http://finance.yahoo.com/education/retirement/article/101060/which_ira_is_right_for_you
Disregard it saying the annual contributions limit is $2000. That was in the past.
Here's another link if you really want it: http://www.finance.cch.com/sohoApplets/RothvsRegular.asp
2006-11-26 11:01:45 · answer #1 · answered by Carrasco 2 · 1⤊ 0⤋
Yes, you can have both. But the funding limits apply to both together, not separately. In most cases, if you have a choice, put it into a Roth IRA. The earnings are tax free, not just tax deferred.
2006-11-26 10:18:27 · answer #2 · answered by Carlos R 5 · 1⤊ 0⤋
Yes you can. You will be able to contribute to the ROTH IRA if your AGI is 95K single or 150K married. If your income goes above those limits you will not be able to contribute to this IRA. You can however, still hold onto it and when your income drops again you can being to contribute again.
2016-05-23 06:04:45 · answer #3 · answered by Anonymous · 0⤊ 0⤋
You can have both types. You can only contribute the total amount allowed by law into all IRA's.
2006-11-26 11:55:23 · answer #4 · answered by Papa John 6 · 1⤊ 0⤋
Yes, you can have as many of either that you wish, each investment is diferent and seen as such.
2006-11-26 10:18:59 · answer #5 · answered by stiffy93 1 · 0⤊ 1⤋