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

The IRS treats Roth and traditional IRAs as a single category for contribution purposes. If you contribute $3,000 to a Roth IRA, you can contribute only $4,000 to a traditional IRA that year (assuming the 2024 limit of $7,000 for people under 50). The limit applies to the combined total, not to each account separately.

This rule exists because both account types serve the same purpose: long-term retirement savings. The IRS wants to prevent people from using multiple accounts to save more than the annual cap allows. You can split the money however you want between the two types, but you cannot exceed the total.

Key Takeaways

  • Your combined contribution to Roth and traditional IRAs cannot exceed $7,000 per year (2024) if you are under 50, or $8,000 if you are 50 or older.
  • You decide how to split the money between the two account types — you could put $3,000 in a Roth and $4,000 in a traditional, or any other split that totals $7,000 or less.
  • If you have a workplace 401(k) or 403(b), those contribution limits are separate and do not count toward your IRA limit.
  • Deducting traditional IRA contributions on your taxes may be limited if you have a workplace retirement plan and earn above a certain income threshold.

How the combined limit works in practice

The IRS publishes an annual contribution limit. For 2024, that limit is $7,000 for people under 50 and $8,000 for people 50 and older (the extra $1,000 is called a catch-up contribution). This limit is a ceiling for all your IRA contributions combined, regardless of how many IRAs you own or what type they are.

If you contribute $2,500 to a Roth IRA in January, you have $4,500 left to contribute to a traditional IRA that year (assuming you are under 50). If you then contribute $4,500 to a traditional IRA in March, you have reached your limit and cannot contribute to either account for the rest of the year. If you try to contribute more, the IRS will charge you a 6% excise tax on the excess amount each year it remains in the account.

You do not have to split the contribution 50-50 or follow any particular formula. The split depends entirely on your tax situation and retirement goals. Some people contribute the maximum to a Roth and nothing to a traditional. Others do the reverse. The only requirement is that the total does not exceed the annual limit.

When a traditional IRA deduction is limited by income

Contributing to both types of IRAs becomes more complicated if you have a workplace retirement plan like a 401(k) or 403(b) and your income is above a certain threshold. In that case, you may not be able to deduct your traditional IRA contribution on your taxes, even though you can still make the contribution itself.

The income thresholds vary depending on your filing status and whether your spouse has a workplace plan. For 2024, if you are single and covered by a workplace plan, the deduction phases out between $77,000 and $87,000 of income. If you are married filing jointly and you are covered by a plan, it phases out between $123,000 and $143,000. Your spouse has different thresholds if they are covered by a plan.

If your income is above the threshold, you can still contribute to a traditional IRA, but you cannot deduct the contribution from your taxable income. In that situation, many people choose to contribute the full amount to a Roth IRA instead, since Roth contributions do not have an income limit for people who do not have a workplace plan. (Roth contributions do have income limits, but they are higher than traditional IRA deduction limits.)

Roth IRA income limits do not apply to traditional IRAs

Roth IRAs have income limits that prevent high earners from contributing directly. For 2024, if you are single, the ability to contribute to a Roth phases out between $146,000 and $161,000 of income. If you are married filing jointly, it phases out between $230,000 and $240,000.

Traditional IRAs do not have income limits on contributions themselves. Anyone with earned income can contribute to a traditional IRA, regardless of how much they earn. However, as described above, the ability to deduct that contribution on your taxes is limited if you have a workplace plan and earn above a certain threshold.

This creates a strategy for high earners: if your income is too high for a Roth IRA but you want to save in a Roth, you can contribute to a traditional IRA and then convert it to a Roth IRA. This is called a "backdoor Roth." The conversion itself is taxable, but it allows you to get money into a Roth account when you would not otherwise be able to contribute directly.

Workplace retirement plans do not count toward your IRA limit

If you have a 401(k), 403(b), or other workplace retirement plan, contributions to that plan do not count toward your $7,000 (or $8,000) IRA limit. The two are completely separate.

For 2024, the 401(k) limit is $23,500 for people under 50 and $29,000 for people 50 and older. You can contribute the maximum to your 401(k) and still contribute the maximum to your combined Roth and traditional IRAs. Many people do this to save as much as possible for retirement.

The only connection between workplace plans and IRAs is the income threshold that limits traditional IRA deductions. If you are covered by a workplace plan, your income determines whether you can deduct a traditional IRA contribution. But the contribution limit itself is independent.

Tracking contributions across multiple accounts

If you own more than one Roth IRA or more than one traditional IRA, the limit still applies to all of them combined. For example, if you have two Roth IRAs at different banks, your total contribution to both accounts cannot exceed $7,000 in a year.

You are responsible for tracking your total contributions. The IRS does not automatically know how much you have contributed to each account. When you file your taxes, you report your IRA contributions on Form 1040 and Schedule 1. If you contribute more than the limit, you must file Form 5329 to report the excess and pay the 6% excise tax.

Many people keep a simple spreadsheet or note of their contributions to each account throughout the year. This makes it easy to know how much room you have left before you hit the annual limit. Some IRA providers will also track this for you and send you a year-end statement showing your total contributions.

What happens if you over-contribute

If you contribute more than the annual limit to your IRAs combined, the IRS charges a 6% excise tax on the excess amount. This tax applies each year the excess remains in the account. For example, if you over-contribute by $1,000 and do not fix it, you owe $60 in excise tax that year. If you still do not remove the excess the following year, you owe another $60.

To fix an over-contribution, you can withdraw the excess amount plus any earnings it generated. If you withdraw the excess before you file your tax return for that year, you generally do not owe the excise tax. If you discover the over-contribution after you file, you can still withdraw it, but you will owe the excise tax for the year it was in the account.

Some people accidentally over-contribute because they forgot they had already contributed to one account and then contributed to another. Others over-contribute because their income changed during the year and they did not realize they were no longer able to contribute to a Roth. Keeping track of contributions as you make them prevents this problem.

Frequently Asked Questions

Can I contribute to a Roth IRA and a traditional IRA if I have a 401(k)?

Yes. Your 401(k) contributions do not count toward your IRA limit. You can contribute to both a 401(k) and a Roth and traditional IRA in the same year. However, if you are covered by a workplace plan, your income may limit how much of a traditional IRA contribution you can deduct on your taxes.

What if I contribute to a Roth IRA and then find out I earn too much?

If your income is above the Roth limit, you have until the tax filing deadline (usually April 15) to withdraw the excess contribution plus any earnings. If you withdraw it in time, you do not owe the 6% excise tax. If you miss the deadline, you can still withdraw it, but you will owe the tax for that year.

Can I split my contribution 50-50 between a Roth and traditional IRA?

Yes. You can divide your annual contribution however you want between the two account types. You could contribute $3,500 to each, or $7,000 to one and $0 to the other, or any split in between. The only rule is that the total cannot exceed the annual limit.

Do I have to contribute the same amount to both accounts?

No. You can contribute different amounts to each account in different years. One year you might put $5,000 in a Roth and $2,000 in a traditional. The next year you might do the opposite. The only requirement is that your total contribution in any single year does not exceed the limit.

What if I have a Roth IRA and a traditional IRA at the same bank?

The bank treats them as separate accounts, but the IRS treats them as one for contribution limit purposes. Your combined contributions to both accounts cannot exceed $7,000 (or $8,000 if you are 50 or older). You are responsible for tracking the total across both accounts.