Jan 17

I have had a Roth IRA since I was 18 that I have been maxing out. My husband and I are both 21 right now, and we have not put his name on it because we would like to open up one for him in order to maximize future tax-free withdrawals.

Would we have to file separate tax returns for this to be legal? Is a person allowed to have more than one Roth IRA?


5 comments so far...

  • His Majesty Said on January 17th, 2010 at 3:11 pm:

    Yes you can file separately . You can have many IRA’s as you want as long you don’t exceed the maximum contribution The only benefit you and your husband would have of a joint account is that you are allowed to contribute more . I have 2 Roth IRA’s and a regular IRA . It sounds like you have an IRA with a bank . You are better off with a Mutual Fund IRA . I have T-Rowe Price . T-Rowe will explain the laws and the details of a an IRA both Roth and a regular IRA . I’ve been with T-Rowe Price for about 10 years . They are great people to do business with . As a matter of fact they forgo the account fees for the time being because of the economy , unlike banks they are still charging fee’s .T-Rowe goes the extra step to work with it’s investors .

  • G.R. Said on January 17th, 2010 at 3:29 pm:


  • MVD34 Said on January 17th, 2010 at 4:02 pm:

    It think you are mixing some apples and oranges: all IRA account are “separate” in that they are individual accounts, not joint. You may or may not list your spouse as the beneficiary, but that is a separate issue.

    Yes you can have multiple IRA accounts.

    No, you do not have to file separately to make contributions to IRA accounts.

  • Net Advisor™ Said on January 17th, 2010 at 4:41 pm:

    You know unless someone deletes a current question, this is my 5,000th and prob last answer on Y!A.

    What is troublesome is that I still find most (amateur) investors, etc have no clue what they are talking about.

    I have tried to help as many people as I could over the last almost 3 years come January 2010. Unfortunately, I can no longer do this work pro bono (for the public good) here unless Yahoo wants me to be a permanent part of this forum if you will in another capacity.

    With that said,

    The answer to this question is:

    1. You do not have to file separately. See a CPA as to which filing status makes sense for you in your state. Ignore anyone who tells you what status to file without knowing anything about your situation.

    2. You can have all the Roth IRAs you want. And so can him. It really would not make sense to, but you would be subject to the ROTH contribution limits. See a CPA.

    3. If you both have no kids now or from previous situations, then you could name each other as beneficiaries of the IRAs. Name someone, and name contingent beneficiaries.

    4. Retirement accounts are plated in ONE person’s name ONLY. There is no such “joint retirement account” of any kind.

    As with ALL my answers: I am not a tax or legal advisor. This is not to be deemed as tax, financial or legal advice. Always consult with a qualified tax or legal advisor before engaging in tax or legal related issues. See profile for full disclaimers.

    *************************** ************************ *******************


    I’ll be writing business, economic, consumer, political and other articles for a media organization. I have other projects to work on now. To find me, you can prob just Google my Trade Mark name “Net Advisor.”

    Thanks to Google for making me #1 in their search engine (under net advisor) out of some 28-30 million searches.

    Thanks to Yahoo in creating this form to be able to help others. I would recommend having people post their bios and state what credibility they bring to the table.

    There are some good answers here in the investment sections. There are too many who are lacking expertise and giving incorrect ideas to those who are seeking help. This is what troubles me the most.

    Closing Message:


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    closing message link added 10.16.2009

  • muncie birder Said on January 17th, 2010 at 5:23 pm:

    Yes, if you both make money you both can have a Roth IRA if you both have earned income. There are income limits, but they do not affect most middle income people.

    As for putting his name on your IRA, I do not believe that that can be done. It does not belong to both of you. It belongs to you. You can designate him as a beneficiary. Yes you can have more than one Roth IRA. You just can not contribute more than $5000 annually in total.

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