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Traditional / Roth IRA Contributions
Hello everyone,
In the spring of this year I opened both a Traditional and Roth IRA through E-Trade. I understand that both have a limit of $4000 for contributions. (I am under the age level for higher contributions, 22 years old actually.)
However, since I opened the accounts, I have contributed $3700 to my Traditional IRA and $1300 to the Roth.
Am I permitted to contribute more than $4000 per year to both accounts, or is it just permissible to contribute $4000 to one of them? If it is not permissible, what ramifications could result taxwise since I have exceeded the limit?
Thanks in advance.
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