Yes, you can have both a Traditional and Roth IRA. The maximum contribution for the year is cumulative. For 2025, the contribution limit is $7,000 per year or a cumulative total of $7,000 between a Traditional IRA and Roth IRA per year. If you are 50 years old or older, you are able to contribute an additional $1,000 as a ‘catch up’ contribution. For tax year 2026, the contribution limits for Traditional and Roth IRAs are $7,500.00. The contribution limits are $8,600.00 if you are age 50 or older, or if your entire taxable compensation for the year is less than these limits.