Can you have both a regular IRA and a roth IRA?

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Provided you meet the compensation requirements and the income

limitations for each type of IRA, you may contribute to both a Roth

and a regular IRA. However, the combined amount may never exceed

$5,000 (or $6,000 if you are 50 or older). Therefore, should a

45-year old be eligible and choose to contribute $3,500 to his Roth

IRA, the most he could contribute to a regular IRA for the same tax

year is $1,500.