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Can I contribute the maximum to both a Traditional IRA and a Roth IRA in the same year?

You can contribute to both a Traditional IRA and a Roth IRA in the same calendar year, but the total combined amount you contribute to all IRAs cannot exceed the annual IRS limit. This limit applies to your total IRA contributions, not to each account separately.

For 2025, the total maximum you can contribute is:

• $7,000 if you're under age 50
• $8,000 if you're 50 or older (includes a $1,000 catch-up contribution)

Also important:

• Your eligibility to contribute to a Roth IRA depends on your income level since the IRS sets income limits for Roth IRA eligibility.
• Traditional IRA contributions may or may not be tax-deductible, depending on your income and access to a workplace retirement plan.

You are free to divide your contributions between a Traditional IRA and a Roth IRA in any proportion as long as your combined contributions stay within the annual limit. This flexibility allows you to tailor your retirement savings strategy to your financial goals.