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Can one contribute to multiple Roth accounts if one has more than $5,500?
The maximum you can contribute across all IRAs you own is the lesser of $5,500 or your taxable compensation. This does not apply to Roth IRA conversions, where you take a pre-tax Traditional IRA and turn it into a Roth IRA by paying taxes on the converted amount. Also, be sure your income qualifies you to contribute into your Roth IRA -- for example, if you are a single tax-filer your modified adjusted gross income must be below $127,000. There is currently no income-limit restriction for Roth IRA conversions, only contributions.
You can contribute to multiple Roth IRAs; however, your total combined contributions in any given tax year cannot exceed the amount of your annual earned income or the established annual contribution limit, whichever is less. The contribution limit is $5,500 for 2013 and 2014, and for those who are over the age 50, the contribution limit for both tax years is $6,500. Furthermore, your eligibility to fund a Roth IRA is determined based on your filing status and modified adjusted gross inco...
No - but you can contribute to a 401k and a Roth. If the 401k allows you to convert to the Roth, try doing that. If your 401k does not have a Roth option - then ask them to put one on. It does not cost anything for them to add it.
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One can contribute to multiple Roth or IRA accounts, but cannot exceed the contribution limitations set for a single account Roth and or Traditional IRA, this would also include IRA Rollovers. For 2013, the contribution limitations for a Roth whether thru a single account, or spread over multiple accounts is $5,500.00 for persons under 50. For those taxpayers 50 or older your allowed $6,500.00. Also, remember you have until your tax filing deadline of April 15th, 2014 t...
From your question as stated, I am assuming you are asking about a Roth IRA. Depending on your age, you are capped in the amount you can contribute to one or multiple Roth IRAs. But an equally important part of the question is what is/are the source(s) of your earned income? Are you covered by any additional employer retirement plans? If your are self employed for all or part of your income, there may be additional tax deferred accounts that are available to you which would allow you to contribute more than the limits previously discu...
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