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I'm a bit confused on the Roth versus Regular IRA's. I thought that you either could have one or the other, but you couldn't simultaneously have both -- is that correct?

In my income bracket I'm not eligible for the $2,000 tax free contribution to my Regular IRA (so I pay taxes on my $2,000 yearly contribution), but I've got too much already invested in it to pay the taxes to convert it to a Roth.

However, it would be ideal if I could keep my regular IRA, open a separate Roth IRA and start putting my future yearly $2,000 contributions into the Roth IRA.

Is this currently allowed? I had been told in the past that it's an "either/or" situation and that I couldn't have both types at the same time.

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