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Can You Contribute $6000 to Both Roth and Traditional Ira?

Elena Rostova • • 7 min read
Can You Contribute $6000 to Both Roth and Traditional Ira?
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You can withdraw the money, recharacterize the Roth IRA as a traditional IRA, or apply your excess contribution to next year's Roth. You will face a 6% tax penalty every year until you remedy the situation.
Elena Rostova
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Elena Rostova

Elena Rostova holds a Master's degree in Public Health Journalism. She covers groundbreaking medical research, holistic wellness trends, mental health awareness, and nutritional science.