can one have multiple Roth IRA accounts

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Subject Author Date can one have multiple Roth IRA accounts mnn 10-19-2007  Re: can one have multiple Roth IRA accounts Rich Carreiro 10-19-2007  Re: can one have multiple Roth IRA accounts PeterL 10-19-2007  Re: can one have multiple Roth IRA accounts kastnna 10-19-2007  Re: can one have multiple Roth IRA accounts rick++ 10-19-2007
Posted by mnn on October 19, 2007, 10:30 am currently, I have a roth ira with vanguard and traditional ira with dreyfus is it possible to open another roth ira for example with schwab and take some portion of roth money market fund money from either vanguard/dreyfus and transfer it to the new roth ira (ie. schwab) ? not sure if there is a rule preventing multiple places to have a roth ira if one still keep at annual contribution limits for the combined total, ie. 3000 at vanguard and 1000 with schwab why would I do this? it's simple really, there are some funds available where I would like to park long-term about 1 or 2% of my total portfolio but still keep it within the retirement account (roth ira) annual limits Posted by Rich Carreiro on October 19, 2007, 11:28 am > currently, I have a roth ira with vanguard and traditional ira with dreyfus > > is it possible to open another roth ira for example with schwab and > take some portion of roth money market fund money from either > vanguard/dreyfus and transfer it to the new roth ira (ie. schwab) ? Yes. -- Rich Carreiro rlc-news@rlcarr.com Posted by PeterL on October 19, 2007, 11:36 am > currently, I have a roth ira with vanguard and traditional ira with dreyfus > > is it possible to open another roth ira for example with schwab and take some portion > of roth money market fund money from either vanguard/dreyfus and transfer it to the > new roth ira (ie. schwab) ? > > not sure if there is a rule preventing multiple places to have a roth ira if one still > keep at annual contribution limits for the combined total, ie. 3000 at vanguard and > 1000 with schwab > > why would I do this? it's simple really, there are some funds available where I would > like to park long-term about 1 or 2% of my total portfolio but still keep it within > the retirement account (roth ira) annual limits You can have as many different IRA accounts as you want, so long as you keep under the total contribution limit. However to take money from your traditional IRA (Dreyfus) and move it to a Roth IRA is a taxable event. Posted by kastnna on October 19, 2007, 11:38 am > is it possible to open another roth ira for example with schwab and take some portion > of roth money market fund money from either vanguard/dreyfus and transfer it to the > new roth ira (ie. schwab) ? I don't see why not. Partial rollovers are not uncommon and you can usually have as many accounts as you please. As long as you do not exceed the annual contribution limits and you are eligible to contribute there should be no problem. > not sure if there is a rule preventing multiple places to have a roth ira if one still > keep at annual contribution limits for the combined total, ie. 3000 at vanguard and > 1000 with schwab Certain companies are notorious for doing just that. Edward Jones, for example, has a bad habit of having multiple agencies in a small demographic area and high agent turnover. As a result, each agent calls the same set of prospects and each agent opens a new IRA if they have a successful pitch. As a result, some less informed investors will end up with five different accounts over five years all with one annual contribution in them and all with the same company. Absolutely nuts I tell ya! Posted by rick++ on October 19, 2007, 6:01 pm the disavantage I see is that fees decline and perks increase as one has higher balances in a the same place. Similar Threads Posted 100% of retirement accounts in Roth- is tax bracket 0%? June 1, 2007, 2:31 pm Multiple policies from one company - Is it wise? October 4, 2006, 10:56 am 529 college savings multiple contributors January 11, 2007, 4:56 am Multiple child savings plan February 22, 2008, 2:50 pm Combining various IRA Accounts November 19, 2007, 3:13 pm Bank Accounts June 13, 2008, 7:24 pm upon death - what happens to your accounts August 30, 2008, 5:52 am Tax Managed Accounts November 25, 2008, 4:56 pm Questions About Consolidating IRA Accounts March 11, 2007, 3:33 pm consolidate fund accounts August 9, 2007, 6:06 pm