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Author: ezeekial Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74815  
Subject: Opening multiple IRA accounts Date: 1/6/2000 5:19 PM
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I opened my first IRA account in 1999 with a $2,000 contribution. Is there any restriction against me opening another IRA account at a separate institution with my Year 2000 contribution?

Thanks in advance for your response.
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17443 of 74815
Subject: Re: Opening multiple IRA accounts Date: 1/6/2000 5:23 PM
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Greetings, Ezeekial, and welcome. You asked:

<<I opened my first IRA account in 1999 with a $2,000 contribution. Is there any restriction against me opening another IRA account at a separate institution with my Year 2000 contribution?>>

No, none whatsoever; however, you will enjoy a greater administrative hassle because now you'll have to keep track of two statements instead of one. If that's no hassle to you, don't worry about it. It's perfectly okay to have as many IRAs with as many agencies as you desire.

Regards..Pixy

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Author: ezeekial Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17444 of 74815
Subject: Re: Opening multiple IRA accounts Date: 1/6/2000 5:30 PM
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Thanks Pixy. Hopefully the administrative hassle will be worth it. I'm sure you're aware of the availability of IPO's through certain online brokers. The more accounts you have, the more likely you will get in on one. Most brokers won't let you open multiple accounts under the same name unless they serve a different purpose (i.e., IRA, joint account, custodial account, etc.). Obviously this is not a long term strategy, but you have to make hay while the sun shines.


ezeekial

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Author: mattpam Three stars, 500 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17471 of 74815
Subject: Re: Opening multiple IRA accounts Date: 1/7/2000 12:15 AM
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One strategy for multiple IRA or Roth accounts that seems acceptable to brokers, is where you have several
beneficiaries with different life expectancies. This
can simplify estate planning as each beneficiary has
certain options after decease and can make individual
decisions based on their own financial status. If I am
not mistaken, in a single IRA with multiple beneficiaries the life expectency of the oldest (ie. shortest expectancy) is applied to ALL beneficiaries!
If I am just an OLD FOOL and got it wrong, will a TMF
please shine the light. - - Matthew


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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 17480 of 74815
Subject: Re: Opening multiple IRA accounts Date: 1/7/2000 9:45 AM
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Matthew writes:

<<One strategy for multiple IRA or Roth accounts that seems acceptable to brokers, is where you have several
beneficiaries with different life expectancies. This
can simplify estate planning as each beneficiary has
certain options after decease and can make individual
decisions based on their own financial status. If I am
not mistaken, in a single IRA with multiple beneficiaries the life expectency of the oldest (ie. shortest expectancy) is applied to ALL beneficiaries!
If I am just an OLD FOOL and got it wrong, will a TMF
please shine the light.>>


You are not mistaken at all. If there are multiple beneficiaries to the same IRA, then the life expectancy of the eldest is the one applied for mandatory distribution purposes. That's why I hold multiple IRAs myself, so each has but one beneficiary.

Regards..Pixy

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