2 or more Roth IRA's - contribution limits

[Guest money4myhoney]

Am I right to assume that if I have four Roth IRA's, I can only contibute a TOTAL of $4000.00? For example, would I be maxed out for the year if I contributed $1000.00 each to all four?

[Appleby]

You are right. See IRS Publication 590 at www.irs.gov. Of course, if you are at least age 50 by year-end, you may contribute an additional $500

[John G]

Also, this limit applies to the combination of IRA and ROTHs. You CAN NOT have 4k in IRAs and another 4K in Roths.

Note that the limits are expected to change in coming years.

Congress has some proposals floating around that would restructure retirement options.... as usual. One example (but in my opinion highly unlikely) is to recraft retirement plans to allow 10,000 each year. Budget deficits and the declining vigor of this presidency would suggest that few dramatic changes are likely in the near term. It is also unlikely that any changes, additions or replacements would have an impact on existing IRAs and Roths.