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I realize you can only put $2000 into a Roth per year.

Can you have multiple Roth accounts and put $2000 into each one each year?

Here is what I have done. I foolishly (small f) opened a Traditional IRA with my local bank in late 1997 with $500.00. On 4/98 I deposited an additional $1000 and on 12/98 rolled it all over to a Roth. This account has a unique account number.

I attempted to add $1000 on 12/98 but come to find out it was put into a different Roth account. (different account number anyway)

On 10/99 I gave the bank $2000 to put into my Roth but again I ended up with another Roth account with a unique account number.

It now seems I have 3 different Roth accounts with this bank. It seems each time I take them a deposit they open a new CD and issue a new account number.

Do I really have 3 different accounts and could I put $2000 into each one every year?

I would really prefer to roll all this mess into a Vanguard index fund, is this possible?

Sorry so long and thanks for the education!
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<< Do I really have 3 different accounts and could I put $2000 into each one every year? >>

It certainly looks like you have three. One, three, or a gabillion, you're limited to a total annual contribution of $2,000.

<< I would really prefer to roll all this mess into a Vanguard index fund, is this possible? >>

Easily, BUT watch out for penalties on those CD's. Depending on their term and terms, you may want to wait and transfer the funds at maturity. Check it out before you act.

Your prospective custodian can provide all the paperwork you need for the transfer.

TMF ExRO
Phil Marti
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MustangII asked,
Can you have multiple Roth accounts and put $2000 into each one each year?

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Yes, definitely.

In fact, Phil (I think) wrote a series of articles concerning IRAs where he mentioned a few instances where one would actually want to set up the account(s) like this.

MasterQi
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