I have make less than $100K a yr. I opened a traditional IRA using a 401K rollover from an old job. I also created a Roth IRA. Can I make contriubutions to both IRA's? The max on both is $4K. Can I place $8K total into these accounts?
2006-12-03 22:50:37 · 2 answers · asked by InvisibleWar 2 in Business & Finance ➔ Personal Finance
You can contribute to both types of accounts, but the total contribution to IRA's in one year is $4,000. The 401K rollover has nothing to do with the allowable contribution for the year.
2006-12-03 23:19:13 · answer #1 · answered by waggy_33 6 · 0⤊ 0⤋
The reduce is blended. each dollar that you make contributions to the classic IRA reduces the quantity that you'll make contributions to the Roth IRA with the aid of one dollar. you aren't to any extent further allowed to make contributions a finished of $10K.
2016-11-23 15:53:29 · answer #2 · answered by ? 4 · 0⤊ 0⤋