LAFF, I don't think a taxpayer can contribute to both a Roth and a Traditional in the same tax year. I have not looked for the IRS regs, but I recall a similar question came up during my practice and the consensus among the tax professionals was that you could not. The two IRA schemes are very different from each other in many ways. And I believe Congress did not think the average American has so much money to sock away into two or three or four retirement vehicles.
However, there is such a thing as a Partial Roth.
Partial Roth contribution eligibility is available for:
Single filers with an adjusted gross income between $95K to $110K
Joint filers with an adjusted gross income between $150K to $160k
If you are only eligible for a partial contribution to a Roth IRA, consider putting the balance in a Traditional IRA. While your contribution to the Traditional IRA will not be tax deductible, you will still benefit from the potential for tax-deferred growth.
The general rule is that you pick one or the other, depending on your eligibility. The Traditional, although it has the benefit of current deductibility, is more burdensome with regards to paperwork. For example, you have to keep track of the basis of non-deductible amounts each year on Form 8606. Because of the tax-free distribution feature of the Roth, it is considered the better of the two. I mean, what is there to dislike about tax free income?
One thing to remember is that you have to actually open a Roth account and have it designated as such before you can make contributions. The taxpayer does not report to the IRS that he/she has made a Roth contribution; the financial institution does the reporting.
Hope this helps.