Blueprint for Financial Prosperity is doing a neat thing where he looks at his site stats to see what Roth IRA questions people are typing into Google that direct them to his blog, and then he answers them in a post.
Can I contribute to Roth IRA and IRA?
You can contribute to a Roth and any other IRA at the same time but they share contribution limits, that means you can put a total of $4k into IRA accounts. So, if you put in $2k into your Roth, you can only put $2k into Traditional, and $0 into a SEP-IRA. If you put in $1k into your Roth, you can put $3k into Traditional. As long as the sum is under that year’s limit and your contribution limit, you’re good. You just can’t go over the annual limit.
Jim also addresses the cost of converting a traditional IRA into a Roth, calculating the Roth IRA phase out contributions, and more. Whether you’re still thinking about starting a Roth or already have one, the post has good material for you. — BEN POPKEN