Last year my income went over the limit of Roth IRA, so I wanted to open a Traditional IRA account, while keeping the Roth at the same time. Is it OK to do that? Can I contribute to the Roth account while having Traditional IRA? Thank you in advance.

Hello. The above says it all. My wife and I are both over 50, and we file married/filing jointly. If we both put $5000 in our IRAs, do we get a $10,000 deduction, or do we max out at $5000?

thanks a bunch…

RVS

I currently have a deductible IRA.

I have had a Roth IRA since I was 18 that I have been maxing out. My husband and I are both 21 right now, and we have not put his name on it because we would like to open up one for him in order to maximize future tax-free withdrawals.

Would we have to file separate tax returns for this to be legal? Is a person allowed to have more than one Roth IRA?

Thanks.

With the new rule in effect as of March 2008 allowing a direct 401k rollover to Roth IRA, could you shed some light on this scenario: A couple, both over 60 files jointly and will be earning less income when retired. Currently both are working and earn 100,000. When retired their income will be 46,000. They have 300,000 combined in their 401k and would like to know if it makes financial sense to rollover to a Roth Ira. Thank you for your help.

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