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I just want to make sure that I can have more than one IRA account as long as the combined annual contribution of these accounts does not exceed $2000 (for this tax year, $3000 starting 2001). Is that correct?
The reason I want to do this is that many mutual funds require $1000 or $2000 for minimum, but for subsequent investments, you pay as little as $25 monthly. So to make full use of IRA limit in subsequent years, I want to add more IRA accounts.



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<< I just want to make sure that I can have more than one IRA account as long as the combined annual contribution of these accounts does not exceed $2000 (for this tax year, $3000 starting 2001). Is that correct? >>

I may be about to embarass myself, but I'm not aware of an enacted increase in the $2,000 limit. I did a quick check of Thomas, the Library of Congress' site for researching legislation, and found lots of bills addressing the limit that aren't going anywhere. Could you please provide the specifics?

<< The reason I want to do this is that many mutual funds require $1000 or $2000 for minimum, but for subsequent investments, you pay as little as $25 monthly. So to make full use of IRA limit in subsequent years, I want to add more IRA accounts. >>

I'm not quite sure why you need more accounts to invest more money. The amounts you mention regarding mutual fund limits are minimums, not maximums. Any one of them would be happy to take your entire year's contribution, regardless of how much above their minimum it is. Of course, if you want more funds, there's nothing to stop you from having multiple IRA accounts, as long as your total contributions don't exceed the annual limit.

TMF ExRO
Phil Marti
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"So to make full use of IRA limit in subsequent years, I want to add more IRA accounts."

You may also want to consider a single IRA account with a discount broker through whom you can buy any number of mutual funds (or other investments for that matter). That might save you some time and effort in tracking your investments.
- Chester
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Wow, $3,000 would be great.
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