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Financial Planning / Tax Strategies


Subject:  regular IRA and ROTH Date:  11/1/2000  12:14 PM
Author:  albin1 Number:  41404 of 132875

First up, here is the question:
Can I have a regular IRA and a ROTH at the same time.

Now to the "WHY" this question even entered my mind.
After having been a very happy FOOL for some time, in 1999 I decided to open a regular IRA with my on-line broker. So, I sent them my first $2000.-. What I did not know (at the time I sent the funds) was that in 1999 I would not make it past the 15% income bracket. Which means, a ROTH would have been slighty more beneficial.
Being "slightly" optimistic for the year 2000, on Jan. 2, 2000 - I sent in another $2000.- to add to my regular IRA. Now, that the year is coming to a close, I have to realize that I will not make it past the 15% income bracket again. Darn, a ROTH would have been better again.

So, on those lonely and cold nights, I keep myself entertained by thinking all kinds of FOOLISH things. One of them is the above question.
I figure, in years to come, where I would fall into a higher income bracket than the 15%, I would contribute to the regular IRA - in years where I don't get past the 15% bracket, I'd contribute to the ROTH.

Is my "idea" (of two IRA's) something which can be done or am out just short of some brain cells.

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