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Investing/Strategies / Retirement Investing
|Subject: Re: how many IRA's can you have?||Date: 2/1/2000 4:24 PM|
|Author: TMFPixy||Number: 18581 of 75540|
Greetings, GC, and welcome. You wrote:
<<I recently opened up a Roth IRA for myself with an on line broker. My wife opened up her Roth IRA through a mutual fund company. We are both beginning investors.
I see people say "in one of my IRAs" or "in my Roth IRA blah blah....and in my regular IRA blah blah..."
The question is, aren't you only allowed to have one IRA in your name? I mean, I have my Roth IRA, can I open up another one, maybe a regular IRA too?
If anyone can point out the answer, please let me know. I was pretty sure that you can only have one per person (either Roth or Traditional), just starting to second guess myself..>>
You may have as many IRAs as you wish be they traditional or Roth IRAs. You just can't contribute more than $2K per year to any single one or to all of them combined. Thus, you can put $1 each into 500 traditional IRAs and 500 Roth IRAs with that $2K. Alternatively, you can put $2K into one traditional or one Roth IRA. As long as you don't exceed the $2K limit per year, you can be as flexible as the IRA custodians will allow you to be considering most have minimum contributions they will accept.
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