20 Mar Can I have both Roth and traditional IRAs?

Q. I have a question about an IRA vs. Roth and IRA and Roth. I was told I can fund one or the other. Another said I can fund both. True?
— Confused

A. We’re glad you’re looking to save for the future.

And that you want to make sure you understand the rules.

You can contribute to a traditional IRA and a Roth IRA in the same tax year, but your combined total contributions across all IRAs can’t exceed the annual IRA contribution limit, plus any catch-up contributions if you’re 50 or older, said Matt Rembish, a certified financial planner with OneDigital in Boonton.

For 2026, this amount is $7,500, and if you’re 50 or older, it’s $8,600, he said.

For example, If you are under age 50 for 2026, and you wanted to split your IRA contribution between Roth and traditional IRA, he said. You could put $3,750 into the Roth and $3,750 into the traditional IRA.

Other eligibility rules still apply, Rembish said

Roth IRA contributions can be limited or blocked at higher incomes. For joint filers, the phase-out starts at $242,000 for 2026.

Traditional IRA contributions are allowed regardless of income, but whether the contribution is deductible can phase out based on income and whether you or your spouse are covered by a workplace retirement plan, Rembish said.

“If you are covered by a workplace retirement plan, the phaseout for deducting IRA contributions begins at $129,000 in joint income for joint filers,” he said. “If you are not covered by a workplace retirement plan, but your spouse is, the phaseout begins at $242,000 for joint filers.”

And if neither spouse is covered by a workplace retirement plan during the year, then the traditional IRA deduction is not subject to the “workplace plan” income phaseouts, meaning you can generally deduct your traditional IRA contributions in full, Rembish said.

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This story was originally published in March 2026. 

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.