Dec 7

Can I have multiple account of IRA roth with different institutions – actively contributing? what about is I stop contributing on the 1st account and open another account ?


6 comments so far...

  • William H Said on December 7th, 2009 at 10:26 pm:

    Yes, you can open a new account every year with a different institution each year if you wish. You can contribute up to $4,000 this year in total.

  • PlayaAdam Said on December 7th, 2009 at 10:26 pm:

    The first post is incorrect. You can open as many as you want in any year. Your total contributions may not exceep 4,000 this year. You are tracked by the IRS by SSN or whatever so dont try to put in more than 4,000 total.

  • leonard s Said on December 7th, 2009 at 11:10 pm:

    you can have as many Roth IRAs as you want as long as long as you don’t exceed the max contribution for the year for an individual

  • levindis Said on December 7th, 2009 at 11:23 pm:

    You can have as many Roth IRA accounts as you want but only the first $4000 is tax free. For instance you can maintain 2 Roth IRA’s with $2000 each for combined total of $4000 for the year. However anymore than your $4000 limit in any given year is taxable. An example is 2 accounts one has $2000 and the other $4000. You will owes taxes on $2000 because you exceeded $4000 limit.

  • zioncanyon Said on December 8th, 2009 at 12:15 am:

    no

  • StockJock Said on December 8th, 2009 at 12:57 am:

    Like others have said, you may have as many Roth IRA accounts at different institutions as you wish, but the IRS prevents you from exceeding $4,000 annually in contributions.

    However, no one mentioned that you typically pay a cost at each institution, so why not consolidate all accounts at one place and save some money?

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