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Simple question: If you have both a Roth and a traditional IRA, can you fund both of them; $5000 tax-deferred in the Roth and the same amount, tax deductible in the traditional IRA? Just wondering.
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No, the limit applies to all IRA contributions. You can make contributions to both, but the total cannot be more than your max amount. http://www.irs.gov/retirement/participant/article/0,,id=1882...
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>> Simple question: If you have both a Roth and a traditional IRA, can you fund both of them; $5000 tax-deferred in the Roth and the same amount, tax deductible in the traditional IRA? Just wondering. <<

The $5000 limit per person is for all types of IRAs combined, not $5000 for each type. For example, you can choose to put $4000 in a Roth and $1000 in a traditional IRA, since the total is $5000 combined. You could not put $4000 in both since the combined $8000 contributions would be more than the $5000 limit.

(Noting, of course, that the limit for age 50+ is currently $6000.)

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