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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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You can have all the IRAs your little heart desires, with any combination of traditional and Roth you want to set up. If you have a bunch there may be a lot of paperwork, and there might be some fees, but you are allowed not only a traditional IRA and a Roth, but you can have several of each. However, you may not contribute more than a total of $2000 in any given year. You may distribute that any way you wish.
You might also consider converting your traditional IRA to a Roth, since you are wishing for this year you had a Roth. Your custodian would probably charge a fee for the conversion, but if you are thinking it would be better to pay taxes now rather than later, you can convert. Next year you could open a new traditional, or just contribute to the Roth, as may seem appropriate.
Best wishes, Chris
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... you are allowed not only a traditional IRA and a Roth, but you can have several of each

Chris;
thank you very much for your comment and answer. I wish that question would have ocured to me two years ago... I appreciate you taking the time to comment....

albin e.
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