How many roth ira's can a person have?

Question

Have 1 IRA w/ a mutual fund. Want to keep that mutual fund and invest in other things using an IRA, how can i do this?

Answer 1

As many as you want, but you can only contribute up to the legal limit.  Se below:

How is a Roth IRA Set Up?

A Roth IRA must be set up with an IRS approved institution such as banks, some credit unions, brokerages, and so on. When you set up a Roth IRA, you will receive the IRA disclosure statement and the IRA adoption agreement and plan document. A Roth IRA can be established at anytime during the year but contributions for a tax year must be made before the owner’s tax filing deadline. For more information on setting up a Roth IRA, you should contact your accountant, financial institution, or broker.

What are the Advantages of a Roth IRA?

Contributions can be made after age 70 ½ (unlike the age limitation of a traditional IRA)

Eligible individuals may contribute up to a specified limit annually

Contribution eligibility is not restricted by active participation in an employer’s retirement plan

Withdrawals of earnings upon death or disability, for first time home-buying or after age 59 ½ are tax-free provided a 5 year wait has occurred

What are the Disadvantages of a Roth IRA?

Premature withdrawals in excess of contributions are fully taxable and are also subject to an early withdrawal penalty

Contributions are limited each year for each individual

There is a phase-out rule for high income persons

What are the Maximum Contribution Limits?

2007..... $4000

2008..... $5000

For those 50 and over before the close of the taxable year, the following annual limit applies:

2007..... $5000

2008..... $6000

After 2008, the contribution is to be adjusted for cost-of-living increases.

Answer 2

You can have as many as you want but you cannot put more then $5000 into them collectively in tax year 2008. If over 50 you can put in a total of $6000 collectively. But for most people $5000 is the most you can add to all you ROTHS combined or yo get hit with tax penalties untill you remove the ammounts over the $5000 limit.

Answer 3

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