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

The IRS treats your Roth and traditional IRA as a single account type for contribution purposes. This means if you contribute $3,500 to a Roth IRA, you can contribute only $3,000 more to a traditional IRA that year (assuming the 2024 limit of $6,500 for someone under 50). You cannot split the limit between them however you want — the limit is the combined total across both accounts.

The reason this rule exists is that both account types serve the same purpose: long-term retirement savings. The IRS caps how much you can shelter from taxes each year, regardless of which account holds the money. Many people split contributions between the two types to get tax benefits from both, but the math must add up to the annual ceiling.

Key Takeaways

  • Your combined contributions to a Roth and traditional IRA cannot exceed the annual IRS limit, which is $6,500 for 2024 (or $7,500 if you are 50 or older).
  • The limit applies to the total across both accounts, so contributing $4,000 to a Roth leaves you $2,500 to contribute to a traditional IRA that same year.
  • You can contribute to both accounts in the same year only if your income falls within the range to deduct traditional IRA contributions and to contribute to a Roth IRA.
  • If you exceed the combined limit, the IRS charges a 6% excise tax on the excess amount each year it remains in the accounts.

How the combined limit works in practice

The annual contribution limit is a single pool of money. If you are under 50, that pool is $6,500 for 2024. You decide how to divide it between your Roth and traditional IRA. You could put all $6,500 in the Roth, all $6,500 in the traditional, or any split in between — but the total cannot exceed $6,500.

The IRS does not care which account gets which portion. What matters is that you do not exceed the total. If you contribute $3,000 to a Roth IRA in January and then contribute $4,000 to a traditional IRA in October, you have overcontributed by $500. That $500 is subject to a 6% excise tax, and you will owe it again the following year if you do not remove the excess.

If you are 50 or older, you can make a catch-up contribution of an additional $1,000, bringing your total limit to $7,500 across both accounts. The same rule applies: the $1,000 is shared between the two accounts, not added to each one separately.

Income limits that affect both accounts

Even though you can contribute to both accounts in the same year, your income may prevent you from deducting a traditional IRA contribution or from contributing to a Roth IRA at all. These limits are separate from the contribution limit itself.

If you have a workplace retirement plan like a 401(k), your ability to deduct traditional IRA contributions phases out at higher income levels. For 2024, the phase-out range for single filers is $77,000 to $87,000. If your income falls in that range, you can still contribute to a traditional IRA, but you cannot deduct the contribution from your taxes. You can, however, still contribute to a Roth IRA if your income is below the Roth limit.

Roth IRA contributions have their own income limits. For 2024, the phase-out range for single filers is $146,000 to $161,000. If your income exceeds the upper limit, you cannot contribute to a Roth IRA directly. In that case, you could contribute the full limit to a traditional IRA instead, or use a backdoor Roth strategy if you want Roth funds.

Why people split contributions between both accounts

Some people contribute to both a Roth and a traditional IRA in the same year to diversify their tax situation. A traditional IRA contribution reduces your taxable income in the year you make it, which can lower your tax bill. A Roth IRA contribution does not reduce your current taxes, but the money grows tax-free and you pay no taxes when you withdraw it in retirement.

By splitting your contribution, you get some when ready tax relief from the traditional IRA and some tax-free growth from the Roth. This approach makes sense if you expect your tax bracket to be higher in retirement than it is now, or if you want flexibility in retirement about which account to withdraw from.

Another reason to split is to manage your modified adjusted gross income (MAGI). Contributing to a traditional IRA lowers your MAGI, which can help you stay below the income limits for a Roth IRA contribution or for other tax benefits. If you are close to a phase-out threshold, a traditional IRA contribution might push you below it and allow you to contribute to a Roth.

What happens if you overcontribute

If your combined contributions to both accounts exceed the annual limit, the IRS charges a 6% excise tax on the excess amount. This tax applies each year the excess remains in the accounts. For example, if you overcontribute by $500 in 2024, you owe 6% of $500 ($30) on your 2024 tax return. If you do not remove the $500 by the tax filing important date, you owe another $30 on your 2025 return.

To fix an overcontribution, you must withdraw the excess amount plus any earnings on that excess before your tax return important date (including extensions). If you withdraw the excess in time, you report it on Form 5329, and the 6% tax does not explore. If you miss the important date, you owe the excise tax for each year the excess sits in the accounts.

The best way to avoid this problem is to track your contributions carefully. If you contribute to both accounts, keep a running total and stop when you reach the annual limit. Many people use a spreadsheet or ask their IRA custodian to help them monitor the total.

Timing your contributions across both accounts

You can contribute to both accounts at any time during the tax year or during the tax filing period (up to the important date, usually April 15 of the following year). There is no rule that says you must contribute to one account before the other. You can alternate contributions throughout the year or make them all at once.

Some people contribute to a traditional IRA early in the year to get the when ready tax deduction, then contribute to a Roth IRA later in the year after they know their final income. Others do the opposite. The timing does not affect the limit — only the total amount matters.

If you are making contributions for a prior tax year, you have until the tax filing important date of that year (usually April 15) to contribute. For example, you can contribute to both a Roth and traditional IRA for the 2024 tax year until April 15, 2025. The custodian will ask you which tax year the contribution is for, so make sure you specify the correct year.

Frequently Asked Questions

Can I contribute the full limit to each account?

No. The annual limit is the combined total across both accounts. If the limit is $6,500, you cannot contribute $6,500 to a Roth and $6,500 to a traditional. You must split the $6,500 between them. Any split is allowed — $3,000 and $3,500, or $6,500 and $0 — but the total cannot exceed $6,500.

Do employer contributions to my 401(k) count toward the IRA limit?

No. The IRA contribution limit applies only to contributions you make to IRAs. Contributions to a 401(k), 403(b), or other workplace plan are subject to a separate, higher limit. You can max out both your IRA and your workplace plan in the same year without any conflict.

What if I contribute to a Roth IRA and then find out my income is too high?

If your income exceeds the Roth IRA limit, you must withdraw the excess contribution (and any earnings on it) by the tax filing important date to avoid the 6% excise tax. You can then contribute that money to a traditional IRA instead, as long as your combined total does not exceed the annual limit. Some people use a backdoor Roth strategy to work around the income limit, but that is a separate process.

Can I contribute to a traditional IRA and a SEP IRA in the same year?

A SEP IRA is treated differently from a traditional IRA for contribution purposes. Contributions to a SEP IRA do not count toward your regular IRA contribution limit. However, if you have both a traditional IRA and a SEP IRA, the deduction for traditional IRA contributions is reduced if your income is high enough. Consult a tax professional if you have both account types.

What if I made contributions to both accounts but did not track the total?

Contact your IRA custodians and ask for a statement of all contributions made to each account during the tax year. Add them together and compare to the annual limit. If you overcontributed, withdraw the excess plus earnings before the tax filing important date. Report the withdrawal on Form 8606 (for Roth IRAs) or Form 5329 (for traditional IRAs), depending on which account the excess came from.