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Possibly a stupid question... Can you max out a Roth IRA and and IRA in the same year?

 
Erica_Smerica

Asked by Erica_Smerica at 8:09 PM on Jul. 12, 2010 in Money & Work

Level 28 (34,798 Credits)
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Answers (5)
  • You could split it between the two. You just can't make a tax deductible MAX contribution to both a Roth and Traditional. It's straight up $5k per person. 401k contributions are separate.
    slw123

    Answer by slw123 at 8:25 PM on Jul. 12, 2010

  • You may contribute $5000 a year for the taxable contribution, per person....so you and your husband may both contribute $5k each as a taxable contribution. After that you may contribute as much as you want as far as NON-taxable contributions go.
    slw123

    Answer by slw123 at 8:19 PM on Jul. 12, 2010

  • Here's a link that may help .... http://20somethingfinance.com/2010-irs-maximum-allowed-roth-traditional-ira-contribution-limits/

    slw123

    Answer by slw123 at 8:21 PM on Jul. 12, 2010

  • So a taxable contribution would be a Roth or an IRA- is a 401K in that too? So you can only do one or the other or a $5000 split but not both? Right?
    Erica_Smerica

    Comment by Erica_Smerica (original poster) at 8:21 PM on Jul. 12, 2010

  • Thanks so much! I should have known I could count on you for an answer :)
    Erica_Smerica

    Comment by Erica_Smerica (original poster) at 8:29 PM on Jul. 12, 2010

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