1. Can one contribute more than $2000 per year to an IRA / Roth IRA account.2. Can one have more than one IRA / Roth IRA account?3. Since I have a pension fund through my employer (not a 401K) I believe I can contribute to a Roth IRA. True?Thank you!
1. I don't think so.2. Yes, absolutely. Your contribution limits are for your total contributions, which can be spread over several accounts. Or perhaps you opened different accounts over the years.3. Yes, provided you meet the AGI limits.
[[1. Can one contribute more than $2000 per year to an IRA / Roth IRA account.]]Nope...[[ 2. Can one have more than one IRA / Roth IRA account?]]Sure...but remember that if you have more than one account, you'll also have more than one administration fee to pay annually. And there is really no tax reason to keep separate accounts.[[ 3. Since I have a pension fund through my employer (not a 401K) I believe I can contribute to a Roth IRA. True?]]Potentially, yes. But there are other restrictions that requirements that you have to overcome. You can read more about the Roth IRA contribution requirements in my series of post on the Roth IRA in the Taxes FAQ area. You should really check it out.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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