Can a couple have both the traditional ira and the new roth ira?

[Guest David Beitz]

Is it possible to contribute to both a traditional and roth ira in the same tax year? If so is the traditional ira still deductible?

Thanks

David

[John G]

Max total amount is $2000 independently for each person. Generally I would suggest taking the Roth route for a couple of reasons: (1) get in now while they still exist, who knows if you will qualify or if the rules will change in the future, (2) no required Roth distributions, and (3) tax free withdrawals to you or your heirs. But review your own circumstances... your current tax rate, likely future tax rates, how long you are likely to keep the funds sheltered, etc.

You can NOT do $2000 in a regular and $2000 in a Roth.