A. Yes, but there is a caveat - your contributions to the Traditional IRA and Roth IRA will be combined and counted towards one annual limit - $5,500 in 2014.
Both Traditional and Roth IRAs offer tax-deferred growth on earnings, but the money you put into your traditional IRA is tax-deductible, up to an annual cap, while Roth investments are not tax deductible upfront, you can withdraw money from Roth IRA tax free once you turn age 59 1/2.
Eligibility rules often change and it's best to consult IRS Publication 590. For example, as Publication 590 notes, you can have a traditional IRA if you have taxable compensation, but you might not be able to deduct all or part of your contributions if you or your spouse invests in a workplace plan. You can contribute to a Roth IRA if you have taxable compensation and your modified adjusted gross income, or AGI, falls below a certain level (this level could change by year).
The IRS requires you to keep the Roth IRA a minimum of five years before making withdrawals without penalty, even if you are past age 59 1/2. The IRS does not apply this stipulation to traditional IRAs. But you must start withdrawing traditional IRA money annually in the year after you turn 70 1/2. The IRS does not apply this regulation to Roth
You will benefit from contributing to a traditional IRA over a Roth IRA if your future tax rate will be lower. Run the calculator below to compare the two benefit numbers.