tornadored

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.