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The $5000 a year contribution limit is for ROTH + Traditional combined right? I couldn't do $5k in each?

Yes, the $5000 a year is total, and you can't so $5k each in a Roth and a Traditional IRA in one year.

However, as a freelancer, you may want to look into a solo 401(k). You can contribute as both the 'employer' and the 'employee'. The employee contributions can be contributed as either Roth or pre-tax, up to $16,500 per year (currently - increases with inflation). Employer contributions allowed are a little more complex to calculate, but in general, you can contribute up to 25% of your business' net profit, and employer plus employee contributions cannot be more than $49,000. Employer contributions must be pre-tax. With total compensation of $25k right now, you won't have to worry immediately about the limits, but the 401(k) does allow you to contribute more than an IRA.

AJ
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