Message Font: Serif | Sans-Serif
No. of Recommendations: 0
[[I wanted to know if it is possible to have more than one Roth IRA account.]] 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 least for a tax geek like me.

TMF Taxes

Want 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 ( 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 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 to go directly there.
Print the post  


In accordance with IRS Circular 230, you cannot use the contents of any post on The Motley Fool's message boards to avoid tax-related penalties under the Internal Revenue Code or applicable state or local tax law provisions.
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.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! 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.