contribute to both traditional and Roth IRA?

[Guest saleh]

My company recently went through a change in ownership and eliminated the 401(k) plan. I'm in the process off rolling over the 401(k) into a traditional IRA. I also have a Roth IRA. Can I contribute the maximum of $4000 into each IRA? That is $4000 into the traditional and $4000 into the Roth IRA. Thank you to any one who has any accurate information.

[Appleby]

No. The $4,000 is a ‘per person’ limit. You can split it between both types of IRAs, but your aggregate contribution cannot exceed $4,000 or $5,000 if you reach age 50 –or older-by year end. See IRS publication 590 at www.irs.gov. This also includes information about eligibility requirements for contributing for both types of IRAs

[Guest saleh]

Thank you ApplebyY

our information was very helpful

-Sal