UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next
Author: gdett2 Big red star, 1000 posts Old School Fool Ticker Guide Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75378  
Subject: Re: how many IRAs Date: 6/8/2007 5:36 PM
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Recommendations: 0
I have 6 IRAs and my wife has 4. They are all with the same company, USAA, but one is a brokerage account, some are annuities and the rest are Roth or Standard IRA's with mutual funds.

The 1 thing you must adhere to is the maximum contribution for a tax year. Contibutions can start on January 1st and continue through April 15th (Tax day) of the following year. If you contibute more than the allowed maximum you will probably end up paying a penalty on your taxes and a few more entries on your tax forms.

If the max allowed for you based on earnings and age is $4,000, you can split that amount between any number of accounts but when added up, they must not exceed the $4,000.

Depending on the institution holding the IRA's, you will probably have to pay an annual management fee for each account.
Post New | Post Reply | Reply Later | Create Poll . Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (7) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Post of the Day:
Berkshire Hathaway

Is the Market Overvalued?
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement