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Yes you may, and neither the Simple nor the Traditional IRA is affected by contributions to the other.
The maximum amount for the Simple IRA for 2010 is $11,500 plus a $2,500 catch-up for folks 50 years old and older.
The Traditional/Roth IRA maximum contribution amount for 2010 is $5,000 plus a $1,000 catch-up amount for folks 50 and older.
What else can I help you with?
Can I contribute to both a Simple IRA and a Traditional IRA?
No, you cannot contribute to both a Simple IRA and a Traditional IRA in the same year.
Is it possible for me to contribute to both a Simple IRA and a Traditional IRA in the same year?
No, you cannot contribute to both a Simple IRA and a Traditional IRA in the same year. You must choose one type of IRA to contribute to for that tax year.
Could you contribute to both a roth and IRA same year?
You can contribute to both traditional and Roth IRAs in the same year. However, you total contribution to all IRA plans must not exceed the maximum contribution limit of $5,000 ($6,500 if over 50).
If you do not contribute to your 401-k can you contribute to an IRA?
You can contribute to both a 401K and an IRA at the same time (same year).
Can you provide an example of a traditional IRA and explain how it works?
A traditional IRA is a retirement account where you can contribute pre-tax money, which grows tax-deferred until you withdraw it in retirement. For example, if you earn 50,000 a year and contribute 5,000 to a traditional IRA, you only pay taxes on 45,000 of your income that year.
Can I contribute to both a Simple IRA and a Traditional IRA?
No, you cannot contribute to both a Simple IRA and a Traditional IRA in the same year.
Is it possible for me to contribute to both a Simple IRA and a Traditional IRA in the same year?
No, you cannot contribute to both a Simple IRA and a Traditional IRA in the same year. You must choose one type of IRA to contribute to for that tax year.
Could you contribute to both a roth and IRA same year?
You can contribute to both traditional and Roth IRAs in the same year. However, you total contribution to all IRA plans must not exceed the maximum contribution limit of $5,000 ($6,500 if over 50).
If you do not contribute to your 401-k can you contribute to an IRA?
You can contribute to both a 401K and an IRA at the same time (same year).
Can you provide an example of a traditional IRA and explain how it works?
A traditional IRA is a retirement account where you can contribute pre-tax money, which grows tax-deferred until you withdraw it in retirement. For example, if you earn 50,000 a year and contribute 5,000 to a traditional IRA, you only pay taxes on 45,000 of your income that year.
Can a 71 year old contribute to an IRA?
Yes, a 71-year-old can contribute to a traditional IRA as long as they have earned income. They are also eligible to contribute to a Roth IRA regardless of age if they meet income requirements.
Is a simple IRA taxable?
Contributions to a SIMPLE IRA, or Savings Incentive Match Plans for Employees, are not taxable. Contributions made to an IRA are, in fact, tax deductible. There are limits on how much one can contribute to an IRA each year, and on how much one can deduct. Distributions from an IRA (whether Traditional or Simple), however, are indeed taxable.
Is it possible to both contribute to and withdraw funds from a 529 plan in the same year?
Yes, it is possible to both contribute to and withdraw funds from a 529 plan in the same year, but there are rules and limitations to consider.
Can I make a lump sum contribution to my Simple IRA?
Yes, you can make a lump sum contribution to your Simple IRA, but there are limits on how much you can contribute each year.
Can I contribute to an IRA and a SEP in the same year?
Yes. As long as the multiple contributions do no exceed the limit for the year.
How much can you add to a Traditional IRA?
You can contribute 5,000 to a traditional IRA as of 2009 tax year. If you are over 50 years of age you may contribute 6,000. This is known as a catch up contribution. These numbers is adjusted from time to time to account for inflation but these totals will apply for 2009.
Can a 75 year old contribute to roth IRA?
Yes, a 75-year-old can contribute to a Roth IRA as long as they have earned income. There is no age limit for contributing to a Roth IRA, unlike a Traditional IRA which has an age limit for contributions.
