10can
Contributing Member
Cash: $ 8.55
Posts: 39
Joined: 13 Jul 2006
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I know you can only contribute $4,000 per year into your Roth IRA but I keep hearing that people have more than one Roth IRA.
Can you open many IRA accounts and contribute $4,000 per year in each account?
Thanks
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Tue Aug 08, 2006 11:58 pm |
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coaster
Senior Advisor
Cash: $ 1318.80
Posts: 6496
Joined: 11 Oct 2005
Location: Wisconsin
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An individual can have as many accounts as he/she wants, but the contribution limit is per individual, not per account. So just $4000 this year, regardless of how many IRA accounts.
~Tim~
Eye Candy : Why Whimsy
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Wed Aug 09, 2006 12:01 am |
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10can
Contributing Member
Cash: $ 8.55
Posts: 39
Joined: 13 Jul 2006
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Then what is the reason to have more than one Roth IRA account?
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Wed Aug 09, 2006 12:48 am |
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coaster
Senior Advisor
Cash: $ 1318.80
Posts: 6496
Joined: 11 Oct 2005
Location: Wisconsin
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Different types of investments might be offered not available in any one account.
~Tim~
Eye Candy : Why Whimsy
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Wed Aug 09, 2006 2:10 am |
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