No. of Recommendations: 0
Greetings, Ddeitch, and welcome. You asked:

If I have a Roth IRA and a 401K, can I still open a traditional IRA? How much money do I have to make before I can no longer contribute to the Roth?

Yes, you may contribute to a traditional IRA, but because of your participation in the 401k plan your contribuion might not be deductible. That depends on your filing status and your adjusted gross income. Also, if you intend to contribute to a Roth IRA at the same time you contribute to the traditional IRA, then be aware you may not exceed the maximum dollar amount for the year when using both of them combined. This year that amount is $3,000 for those under the age of 50, and you may split that between as many Roth and/or traditional IRAs as you wish. You just can't exceed the annual limit of $3,000 in total.

Your ability to contribute to a Roth depends again on your filing status and your adjusted gross income. To see those limits as well as those for making a deductible contribution to a traditional IRA, visit our IRA are at http://www.fool.com/money/allaboutiras/allaboutiras01.htm or read IRS Publication 590 (Individual Retirement Arrangements) available for download at http://www.irs.ustreas.gov/forms_pubs/pubs.html.

Regards..Pixy
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.