Can I put money in both a Roth 403(b) and regular Roth IRA?

[lhamo]

I started a new job this year, and one of the benefits is access to a Roth 403(b) plan, which I promptly signed up for, contributing the maximum. Now that the market is tanking I was thinking of going ahead and making a lowball estimate of what I can put in my regular Roth IRA account for 2008. I only have limited US-earned income, so it isn't much, but might as well take advantage of the current "fire sale". I believe that I am allowed to invest in both (our combined incomes are less than any of the AGI/MAGI thresholds). Can anybody point me to information that would verify this is the case? I've tried googling but somehow the stuff I am turning up is not so straightforward in how it addresses this question.

Thanks!

lhamo

[Martha]

This is the applicable IRS publication that talks about IRAs, including both traditional and Roths: Publication 590 (2007), Individual Retirement Arrangements (IRAs)

The short answer is yes you can contribute to a Roth IRA even if you are covered by a retirement plan at work, provided that your income does not exceed the limits and you in fact have compensation income. I assume you are a US citizen.

[lhamo]

Strange -- the TOC shows up but when I click on the links the text shows briefly but then disappears. Maybe because it is a 2007 reference file? Anyway, thanks for the link and the info. I am a U.S. citizen.

lhamo

[Martha]

Publication 590 (2007), Individual Retirement Arrangements (IRAs) is another link.

They don't have a 2008 version.