Can I put 4K in a roth and 4K in a traditional in the same year or is the 4K limit on both plans combined?
2007-02-23 06:57:56 · 5 answers · asked by woodsman cobra 1 in Business & Finance ➔ Personal Finance
Pick one, you can't do both.
For most people the Roth is the better choice but not always.
If you have a matching 401k at work, max that out as well.
Unlike the first response.
I am positive you CAN NOT do both. Don't believe me, go to IRS.GOV
2007-02-23 07:06:25 · answer #1 · answered by zaphodsclone 7 · 1⤊ 0⤋
NO....the max is for ALL the IRAs you have, regardless of the type.
If you make little money, use the Traditional IRA.
If you make more than the max income allowed to write off the Traditional IRA, use a Roth.
2007-02-23 16:45:07 · answer #2 · answered by forgivebutdonotforget911 6 · 0⤊ 0⤋
Max is 4k and you can put it in any combination between the 2.
2007-02-23 15:34:02 · answer #3 · answered by parsonsel 6 · 0⤊ 0⤋
No; annual contribution limits are total for all of your IRAs.
2007-02-23 20:42:28 · answer #4 · answered by Rob D 5 · 0⤊ 1⤋
I'm pretty sure you can do both. If you can, do. The only exception is: If your employer matches 401k contributions, do those first.
2007-02-23 15:06:06 · answer #5 · answered by Ryah B 2 · 0⤊ 1⤋