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Can I contribute to both a Roth and SIMPLE IRA in the same year?


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Posted

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?

Posted

You can still contribute to the Roth. The contribution starts to phase out for single people at an income of $95K, and disappears completely at an income of $110K. The phase out range for married couples filing jointly is from $150K to $160K.

Barry Picker, CPA/PFS, CFP

New York, NY

www.BPickerCPA.com

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