Tell me, who knows what the income tax rate will be in 5 years, or 10 years, or 20 years, or 30 years? I sure don’t know.
The Traditional IRA and The Roth IRA each have some advantages and disadvantages, and they may vary depending on your present and future financial circumstances.
Contribution Limits For the Traditional IRA and Roth IRA for 2021 are $6,000 and if you are over 50, an additional catch up contribution of up to $1,000 may be made. *These limits are subject to your modified adjusted gross income level (MAGI) and marital status in the year you plan to contribute.
1. You may contribute simultaneously to a Traditional IRA and a Roth IRA subject to eligibility as long as the total contributed to all Traditional and/or Roth IRAs totals no more than $6,000 ($7,000 for those age 50 and over) for tax year 2020 and no more than $6,000 ($7,000 for those age 50 and over) for tax year 2021