Can I have both a Traditional and a Roth IRA?

An excess contribution is a contribution to a Traditional or Roth IRA that is not permitted or that is larger than is permitted. For example, if the total amount of your contributions to one or more Roth and Traditional IRAs exceeds the annual limitation, if your total annual contributions exceed your taxable compensation income for the year or if your permitted Roth contribution was reduced or eliminated because of the size of your modified adjusted gross income. Other factors may also result in an excess contribution. Refer to IRS Publication 590 and consult your tax advisor…

You are eligible to contribute to a Traditional IRA if you received taxable compensation during the year and you are under the age of 70½ by the end of the year. Traditional IRA contributions are not subject to income limits. You can contribute to a Roth IRA after age 70½ as long as you have taxable compensation. Roth IRA contributions are subject to income limits. If you are not employed but have a spouse who is, your spouse may be able to make a contribution on your behalf. You can open an IRA account even if you are covered by another retirement plan…

Catch-up contributions are specifically designed to help those who are getting closer to retirement catch up on their retirement savings. You're eligible as long as you're at least 50 years old during the year the contribution is for, and of course, as long as you meet the eligibility requirements for traditional or Roth IRAs…

You can find information on current IRA contribution limits on our website. This limit is the most that can be contributed to all your combined IRAs, Traditional or Roth, for a given year…