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Hi guys, This is my first post on this Board and am a new member of the fool. I was wondering if you can have more than one IRA. I have a Roth and wanted to know if it would make sense to open a traditional IRA. I know you can only put 3 thousand a year into my roth, but wanted to know if I could contribute another 3000 into the traditional IRA. I dont have a 401k if that makes any difference. Thanks for any input.

It is possible to have multiple IRA accounts but you are limited to a maximum of $3000 in contributions, $3500 age permitting. You are free to spread that $3000 out among your various IRA accounts however you wish but you cannot exceed that number.

Since you do not have a 401(k) and I assume you do not have any other retirement plan through an employer, you are very likely eligible to take a deduction on a contribution to a Traditional IRA. However, some would argue that a contribution to the Roth will be more advantageous than a deductible contribution to a Traditional. That is something you would need to evaluate and decide upon.

So in a nutshell, you can have multiple IRA accounts but you may not exceed the total $3000 contribution limit. Hope that helps.

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