Can I contribute to both Traditional and Roth IRA same time?
Yes! You can contribute to both Roth and Traditional IRAs same time provided total of contributions in both IRAs is not more than maximum contribution allowed for any IRA ($4000).
Maximum contribution allowed for any IRA (Traditional or Roth) is $4000 for year 2006/2007 (age < 50 yrs).
For example:
If you contribute $2000 in Traditional IRA, then you can contribute $2000 more in Roth IRA same time that year (2006 or 2007).
Note: For age >= 50 years, additional $1000 can be contributed in IRA.
