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Can I contribute to a traditional IRA and Roth IRA at the same year?

by Roy
(New York, NY)

I’m 34 years old and I have both a traditional IRA and a Roth IRA. I don’t remember when I opened the each account but I didn’t make any contribution after I set up those. Can I keep two different types of IRA? And if I can, how much is the contribution limit in a year?

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Can I contribute to a traditional IRA and Roth IRA at the same year?

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by: Ed

Of course you can keep two IRAs and make contributions to them at the same year. However, the combined contribution limit is $5,000 a year, not $5,000 each.

Reference: Roth IRA Contribution

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