[[I wanted to know if it is possible to have more than one Roth IRA account.]]Sure...you can have as many separate Roth IRA accounts as you would like. You'll end up paying more in fees each year, but you can certainly do it.[[ If it is possible how do I prove that I didn't exceed the $2000 limit.]]If you are asked, you'll simply produce your account deposit documents. But you bring up a very good point: Roth IRA abuse. The financial institutions are SUPPOSE to report your IRA (both regular and Roth) contributions to the IRS on an annual basis. Do they? I'll assume so. Does the IRS match this information to your tax return? I don't know. If somebody has larceny in their heart, they can certainly try to manipulate the system and see what comes out. If they find that there is no problem, what will stop them from making 10 or 20 Roth IRA contributions each year...generating all of that tax free income in the future. I'm sure that this is an area that IRS is addressing with the upgrade of their computer systems. But it IS an interesting issue...at least for a tax geek like me.TMF TaxesRoyWant to learn more about taxes and investing? Then we have a deal for you!! The Motley Fool Investment Tax Guide is now available through Fool Mart. Be the first one on your block to own this masterpiece. It'll help you with your 1998 taxes, and it's never to early to start planning for your 1999 taxes. So just click on this link (http://www.foolmart.com/market/product.asp?pfid=MF+013+I) to read more about this amazing collection of tax information. (Apologies for the shameless plug…but it is a pretty good book…if I do say so myself). In addition, if you would like to visit the Taxes FAQ (Frequently Asked Questions) area, click on http://www.fool.com/school/taxes/taxes.htm and you'll be right at the home page. Check it out. Finally, if you need to get to the IRS web site, click on http://www.irs.ustreas.gov to go directly there.
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