Traditional IRA & Roth?

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  • zeros
    Senior Member
    • Dec 2006
    • 921
    #1

    Traditional IRA & Roth?

    Client contributed to a traditonal IRA and now wants to contribute to a ROTH. Is this allowed? Can he max each one out at $5000 each?
    Tags: None
    • DaveO
      Senior Member
      • Dec 2005
      • 1453
      #2
      Nope, $5000 total, $6000 if over 50.
      In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
      Alexis de Tocqueville

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