contributions to roth and traditional ira

Forum|Forum|1 year ago
May 22, 2024
2 replies
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I get confused about this.

I'm 62 years old.

Can I contribute to Roth IRA and Traditional IRA, respectively? The limit for my case is $8,000.

I mean, can I contribute $8000 to Roth IRA, and another $8000 to traditional IRA?

Or should the combined amount be $8000?

TurboTax Deluxe Online

Best answer by DoninGA

For 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

$7,000 ($8,000 if you're age 50 or older), or
If less, your taxable compensation for the year

VolvoGirl

Employee

No. The combined total is 8,000.

cspyonAuthor

Oh, I see.

What if I already contributed $8000 to both?

dmertz

Employee

If you make $8,000 contributions to both the traditional and Roth IRAs and make no corrective distribution, you have an $8,000 excess contribution, deemed by the tax code to be in the Roth IRA. However, because returns of contribution are not required to be distributions of excess contributions, you could obtain a return of contribution of the $8,000 traditional IRA contribution made for 2024, leaving you with a combined total of $8,000 of contributions, all in the Roth IRA, and no excess contribution.