Can an individual contribute to both a Roth IRA and a Traditional IRA in the same year?

IRAs
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October 2016
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Yes; whether your contribution to the traditional IRA will be deductible depends.

Some things to keep in mind for both:

  • Contributions cannot exceed $5500 ($6500 if age 50 and over) combined;
  • Contributions must be made of "earned income"

For the Traditional IRA:

  • If you and/or your spouse are active participants in a qualified plan at work, only a portion of your contribution will be deductible. There are AGI phaseouts;
  • If you and your spouse are not active participants in a qualified plan, you can deduct your contributions;
  • You cannot contribute past age 70 1/2

For the Roth IRA:

  • For single filers, AGI has to be less than $132,000; for MFJ, AGI has to be less than $194,000 in order to contribute. There are AGI phaseouts;
  • Contributions are not deductible;
  • You can contribute past age 70 1/2

I hope this helps.

October 2016
October 2016
February 2005
October 2016