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Are there any legal restrictions, or other rules which prevent having a 401k and an IRA at the same time? About about multiple IRAs?

No. You can have as many 401(k)'s and IRA's as you want. However, the contribution limits for each account reflect the total contribution to all accounts.

For instance, you can put up to $10,000 in a 401(k) each year. If you had two jobs, each with a 401(k), you could contribute to both, but the sum of the contributions made at each job would be $10,000.

With IRA's, the limit is $2,000, but you can put that in as many Roth or traditional IRA's as you'd like-- open 2000 IRA's with a $1 deposit in each if you'd like. When you go to take money out, the IRS lumps all the IRA's together. This means, fonr instance, that you couldn't take 2 $10,000 'first-time home buyer' distributions if you held 2 separate IRA's.
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