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  #1  
Old 02-08-2006, 09:47 PM
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Join Date: Feb 2006
Posts: 8

IRA's

I'm trying to find out if an individual is allowed to contribute to more than one IRA; say a Roth and a Traditional, or more than one Roth, or more than one Traditional. ty.
  #2  
Old 02-08-2006, 11:58 PM
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Join Date: Aug 2003
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You can have as many accounts as you like, but total contributions overall can only be $4000 if you are under 50 and $4500 if you are over 50.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
  #3  
Old 02-09-2006, 12:09 AM
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Join Date: Sep 2004
Posts: 2,996
Quote:
Originally Posted by Snipes5
.....and $4500 if you are over 50.

Snipes
$5.000 now if over 50, I believe.
  #4  
Old 02-09-2006, 08:31 AM
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Join Date: Aug 2003
Posts: 1,848
Yes, that's for 06. I was thinking 05 since that is technically still "open" until April 17.

Snipes
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This post does not create an agreement to represent you before the IRS, nor does it invoke confidentiality regulations. Postings are based only on the information provided and you should consult a tax professional in your area before relying on information contained in this post.
  #5  
Old 02-09-2006, 08:56 AM
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Join Date: Sep 2004
Posts: 2,996
Quote:
Originally Posted by Snipes5
Yes, that's for 06. I was thinking 05 since that is technically still "open" until April 17.

Snipes
True enough.

I guess the calendar begins to look a bit different when you are doing taxes for scores of people.
  #6  
Old 02-09-2006, 04:35 PM
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Join Date: Feb 2006
Posts: 8

Thanks.

I see. So, one may have several IRA's in various banks or institutions, as long as you don't exceed your max. contribution. I am clear on that now. Thank you for your replies.
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