Can I contribute $5,000 each to both a Roth and a non-deductible IRA in the same year, or am I limited to $5,000 total? I am also maximizing my 401(k) contribution ($17,000) through my employer, if that makes a difference.
-- Name withheld

Unfortunately, no, you cannot contribute $5,000 to both IRAs in the same calendar year. "You are limited to $5,000 in total contributions to Roth IRAs and traditional IRAs as long as you are under age 50," says Natalie Pine, a financial planner in College Station, Texas. "If you are over 50, you can contribute $6,000 total."

And you can contribute to a Roth for 2012 only if your modified adjusted gross income is less than $125,000 if you're single, or less than $183,000 if you're married filing jointly. (Contribution limits are lowered for singles with incomes of $110,000 or more, and for couples making at least $173,000.)

Your 401(k) contributions do not affect how much you can contribute to an IRA.

— Kate Ashford

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