Restrictions on number of IRA's?

[Guest diss25]

I currently have a Roth IRA, but I would like to know if a single person and/or a married couple can have more than one Roth IRA. For instance, can I open up a Vangaurd Roth account and then open up another Roth IRA account with another company?

[david rigby]

Multiple IRA's? Sure. The restriction is on the amount of annual contribution among all such accounts.

But beware, multiple IRA's will probably lead to multiple administrative charges.

[Guest diss25]

So if I have multiple IRA's can I contribute $3,000 in each one a year? Or does the law say that the total amount contributed to each IRA cannot exceed the total amount of the $3,000 yearly restriction?

For example, if I have three IRA's can I contribute $3,000 a year in each to total $9,000 a year? Or do I have to distribute the total yearly $3,000 restriction among the three?

[WDIK]

The latter.

[John G]

Clarification: the individual limit this year is 3,000 or your earned income if you meet the general qualifications. This does not have to be spread among you existing IRAs, it could be allocated in any way you want. You are absolutely not allowed to put 3,000 in each IRA you own.

Your spouse has a separate $3,000 limit if all the above qualifications are met or if your income is enough to cover both amounts. IRAs are seperate accounts for each person - no blended or joint accounts.