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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.

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4mo ago

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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.


Can you put money in both a Roth IRA and a Traditional IRA?

Yes, you can contribute to both a Traditional and a Roth IRA account but contribution limits apply across both accounts. For example, if your contribution limit is $5,000 then you could contribute $2,500 in each account. You can not contribute $5,000 into each account.


Can you contribute to both a Simple IRA and a Roth IRA?

Yes, you can contribute to both a Simple IRA and a Roth IRA, but the total contribution limit across both accounts cannot exceed the annual limit set by the IRS.


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 you contribute to both a traditional 401k and a Roth 401k?

Yes, you can contribute to both a traditional 401(k) and a Roth 401(k) as long as your employer offers both options. Traditional 401(k) contributions are made with pre-tax dollars, while Roth 401(k) contributions are made with after-tax dollars. Each type of account has its own tax advantages and considerations for retirement savings.


Can I contribute to both a traditional 401(k) and a Roth 401(k) simultaneously?

Yes, you can contribute to both a traditional 401(k) and a Roth 401(k) at the same time, as long as your employer offers both options. Each type of account has different tax advantages, so contributing to both can provide you with a mix of tax-deferred and tax-free retirement savings.


Can you have both a Simple Ira and Roth Ira?

Yes, the limitation does not apply between a SIMPLE IRA and a Roth/Traditional. However, because a SIMPLE IRA is a "qualified retirement plan" offered by your employer, you may not be able to get a traditional IRA deduction- all depends on your income situation.


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).


Is it possible for the same wrongful act to both a tort and a crime and explain your answer?

Simple answer: Refer to the O.J. Simpson case.


How do you write eight twelfths in simple form?

2/3. You find the greatest common factor of both the numerator and denominator (if it is possible), and divide both by that number.


How will your tax deduction for a traditional IRA contribution be affected if you contribute to both a traditional and a Roth IRA?

Just make sure that you do all of this correctly and that you stay within the total limited amount that you can contribute to the combined IRA accounts. Go to IRS gov web site and use the search box for Publication 590 Individual Retirement Arrangements for some information.


Can both parents contribute to a 529 plan?

Yes, both parents can contribute to a 529 plan for their child's education.