Can I contribute to multiple IRA’s?
I estimate for me and my wife to have about $131k in gross salary in 2008, hoping that all other income will zero out with expenses.
I am planning to maximize SIMPLE IRA at work at $10.5K, I also already deposited $4k to Traditional IRA. My wife is going to maximize her 401K at $15.5K.
Questions:
Can I contribute to both SIMPLE and Traditional IRA?
Can my wife contribute to Traditional IRA?
We may do Roth as well if we can.
Permalink Submitted by JAMES MAGNO on Fri, 2008-09-26 14:43
You and your wife are active participants in employer plans. Therefore, while you may contribute to a traditional IRA, up to $5000 each ($6000 if age 50+), those contributions are not deductible.
The AGI limit for contributing to the ROTH starts at $159,000 so you are both eligble to contribute to a ROTH IRA.
As a general rule you can contribute to an employer plan such as a SIMPLE or SEP IRA and also contribute to a ROTH or traditional IRA.
Jim
Permalink Submitted by bill daley on Sat, 2014-01-18 21:34
At age 50, can i make full catch up contributions to both my Simple IRA and individual Roth IRA?
Permalink Submitted by Alan - IRA critic on Sat, 2014-01-18 23:42
Yes.