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March 3, 2009

Can I contribute to my Traditional and my Roth IRA?


Can I contribute to my Traditional and my Roth IRA?

Can I contribute $4,000 to my Traditional IRA and an additional $4,000 to my Roth IRA?

No. The contribution limit is a ‘per individual’ limit. Therefore, your aggregate contributions cannot exceed $5,500, or $6,500 if you reach age 50 by year-end.


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Excess deferral

Definition Salary deferral contributions, contributions are limited to the lesser of the IRC § 402(g) limit or 100% of compensation. Salary deferral contributions in excess

Compensation Cap

Definition The compensation cap is the maximum amount of compensation that may be taken into consideration when determining contributions  to employer sponsored retirement plans,  such

Catch-up Contribution

Definition An additional contribution that can be made to a retirement plan by a participant who is at least age-50 by the end of the

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IRA Rules