Question: I am looking for maximum allowed contribution to
- Traditional IRA
- Roth IRA
- Traditional IRA and Roth IRA combined
Searched IRS, and it is confusing
For 2015, 2016, and 2017, your total contributions to all of your traditional and Roth IRAs cannot be more than:
$5,500 ($6,500 if you’re age 50 or older), or
your taxable compensation for the year, if your compensation was less than this dollar limit.
When they say
your total contributions do they mean combined traditional and Roth IRA, or do they mean traditional, separate, Roth separate?
I continued searching IRS website, and I cannot find answer I am looking for. Please guide.