can i contribute to traditional ira and simple ira
The Individual Retirement Arrangement, or IRA, was first introduced in 1974 as a way to encourage workers to save for retirement. As of 2010, you can deduct up to $5,000 in contributions to a traditional IRA, and an additional $1,000 if you are over age 50. SIMPLE IRA plans are workplace plans for small businesses.As of 2010, you can contribute up to $11,500 to a SIMPLE IRA, and an additional $2,500 if you are over age 50.Contributions to SIMPLE plans don't count against your eligibility to make tax-deductible contributions to traditional IRAs.s of 2010, you can deduct up to $5,000 in contributions to a traditional IRA, and an additional $1,000 if you are over age 50. SIMPLE IRA plans are workplace plans for small businesses.