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<<The contributions to an IRA for either of you will be nondeductible based on your income, but the growth will be tax deferred. If you use a Roth, the earnings will also be tax-free many years from now. Thus, the latter is the route to go for that $4K. >>

Thank you for the advice; I read the section on the Roth IRA at and it mentions, "There are absolutely no limits on the number of IRA accounts that an individual may have, but the contribution limit applies to all accounts collectively."

What is the advantage to having multiple Roth IRAs accounts? Also, may my fiance and I share an account, or do we each need to open our own account? I assume we can do this through our brokerage (Charles Schwab)?


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