Can you have two IRA accounts?

Question

I currently have a Roth IRA which gets maxed out yearly. Can someone have more than one IRA account. Whether it be a trad IRA or another Roth... or is just one the max allowed...If you can have more than one ...do they need to all total up to the max 5000 dollars or can you add more money if you have more accounts

Answer 1

You can have as many IRAs as you want, but the contribution limit is for the sum total of all of them of any type (regular or Roth).

IRA contribution limits are completely separate from limits for employer sponsored retirement plans [401(k), 403(b), etc.].  However, tax deductability of traditional IRA contributions may be limited if "eligible" for an employer's plan

Answer 2

Yes, or more.

You can have 1 or more Traditional IRAs

You can have 1 or more Roth IRAs

You can have 1 or more SEP IRAs

You can transfer a 401K to a Traditional IRA also.