Jump to content

Can I contribute to both Simple and Roth IRA's?


Guest CCDB
 Share

Recommended Posts

My employer has a company sponsored SIMPLE IRA plan, of which I've contributed the maximum amount ($6,000) for the current tax year. I also have a Roth IRA account established in the previous year. I am single, and don't expect my annual earned income to exceed $60,000. Can I still contribute up to $2,000 to the Roth IRA for this tax year? Is there an income level after which I would not be able to contribute to the Roth IRA?

Link to comment
Share on other sites

  • 2 weeks later...

SIMPLE IRAs and Roth IRAs are not aggregated for contribution limit purposes, one does not affect the other.

The income eligibility phase out for contributory(not conversion) Roth IRAs for single filers is $95,000-$110,000.

Link to comment
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share

×
×
  • Create New...