When contributions are allowed, the limits for those age 50+ are $1000 higher.
You may contribute to both a Traditional IRA and a Roth IRA, however, the aggregate contributions per person cannot exceed the $5,000 contribution limit per year. All Roth IRA contributions are non-deductible.
These charts are intended to act as a guide in summarizing the IRA contribution rules.
As with any retirement planning or tax issues, your tax advisor may offer valuable information. |