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Zundels (90.27)

Question about Roth IRA and Traditional IRA?

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April 28, 2013 – Comments (5)

Can you contribute to both a traditional IRA and a Roth IRA? I know the max I can contribute to a Roth IRA is $5000 a year. I am in the US Navy and have a TSP account which I contribute 12 percent too.( I think the TSP counts as a traditional IRA? ) I also have a Roth IRA through eTrade. For the last couple years I've been putting money in both, is this allowd? Thanks in advance for any help you fellow Fools can give. 

 

5 Comments – Post Your Own

#1) On April 28, 2013 at 3:07 PM, Teacherman1 (52.52) wrote:

You can set up and contribute to as many IRAs as you want, both Traditional and Roth, but I think the limit for all is the same as for the Roth.

If you are married and your wife/husbands earns income, they can contribute to their own IRA as well.

I am not a financial advisor or a tax expert, but if you are going to do this in a brokerage account, they should be able to answer any questions for you.

JMO and worth exactly what I am charging for it.

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#2) On April 28, 2013 at 3:08 PM, Zundels (90.27) wrote:

Thank you for the information Teacherman1. 

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#3) On April 28, 2013 at 3:09 PM, Zundels (90.27) wrote:

Thank you for the information Teacherman1. 

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#4) On April 29, 2013 at 10:24 AM, Teacherman1 (52.52) wrote:

You are welcome, but just in case I was not clear, the total that can be contributed to all of them, added together, is the same as for the Roth.

You can not contribute the total to each of the IRA's.

But as I said, if your brokerage can not answer your questions, then you may need to find another.

You may have understood that, but just in case you did not.

Maybe a "real expert" will come along and add a comment.  

JMO and worth exactly what I am charging for it.

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#5) On April 29, 2013 at 1:04 PM, Zundels (90.27) wrote:

That's again Teacherman1. I did a little more research and found out that my TSP does not count as a traditional IRA, I can contribute 17500 a year to it. I also forgot that they uped the Roth IRA contribution to $5500 for a single person in 2013. 

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