Quick question for anybody with the knowledge to answer haha:
In 2016 I rolled over a 403b Employer contribution from my residency program into a Traditional IRA worth $1900 initially (actually the FA that I will no longer be working with did it haha). I also set up a Roth IRA, and am currently in the process of contributing the max of $5500 into that. Is this ok to do? I read somewhere that between a Traditional IRA and Roth IRA that $5500 contribution is the max into both combined. Or is it ok since that Traditional IRA wasn't my contribution specifically? I just want to make sure it is ok to open a Traditional IRA with $1900 and also contribute $5500 to a Roth IRA in the same year. Thanks for any help!
In 2016 I rolled over a 403b Employer contribution from my residency program into a Traditional IRA worth $1900 initially (actually the FA that I will no longer be working with did it haha). I also set up a Roth IRA, and am currently in the process of contributing the max of $5500 into that. Is this ok to do? I read somewhere that between a Traditional IRA and Roth IRA that $5500 contribution is the max into both combined. Or is it ok since that Traditional IRA wasn't my contribution specifically? I just want to make sure it is ok to open a Traditional IRA with $1900 and also contribute $5500 to a Roth IRA in the same year. Thanks for any help!
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