Yes, you can have both a Traditional and Roth IRA. The maximum contribution for the year is accumulative. As an example, in 2023 you can contribute $3,250 to a Traditional IRA and $3,250 to a Roth IRA, and this would take you to your annual contribution amount. For 2024, the contribution limit for both is $7,000 per year or a cumulative total of $7,000 between both a Traditional IRA and Roth IRA per year. If you are 50 years old or older, you are able to contribute an additional $1,000 as a ‘catch up’ contribution.