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Subject:  Re: How many IRA's? Date:  1/16/2004  12:02 PM
Author:  dsemmler Number:  38572 of 88758

However, I will be changing jobs and want to do something with my 403b, which will most likely be a Rollever IRA. I just need to know if I can have multiple accounts at the same time.

Yes, you can have multiple accounts at the same time. However, the important thing to remember is that the contribution limit applies to all IRA accounts, not each account individually.

By that I mean the following, assume you were to open a Roth IRA and a Traditional IRA. You can only contribute a maximum of $3000 ($3500 age permitting) but it can spread between the two accounts in any fashion you like. You could do $1500 to each account, $2000 to the Roth and $1000 to the Traditional. Does that make sense?

Keep in mind, the rollover amount does not count as a contribution. Therefore, you could roll your 403b into an IRA and still make a full $3000 contribution to a Roth/Traditional.

Hope that helps.

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