Comments on: How Many Retirement Accounts Can You Have?

By: Patrick

Patrick — Mon, 21 Sep 2009 03:19:03 +0000

That is correct, Luke. Also, Traditional and Roth IRAs have the same contribution limits and you can only contribute $5,000 to these accounts. So if you wanted you could contribute $2,500 to a Traditional IRA and $2,500 to a Roth IRA. Most people prefer to stick with one type of IRA though. Here is more information to get you started:

Best of luck!

By: Luke

Luke — Mon, 21 Sep 2009 03:13:08 +0000

Concerning IRA accounts, am I correct in that I cannot contribute more than $5000 total per taxation year, spread across all of my IRA accounts?(I am less than 50 years of age) So to clarify, I cannot open two accounts and contribute $5000 to each of them in the same year, correct?

Thanks,
Luke

By: Patrick

Patrick — Fri, 28 Aug 2009 01:16:00 +0000

You can deduct contributions to a Traditional IRA in addition to contributions to a 401k so long as you meet income requirements and don't exceed contribution limits. Source: http://www.irs.gov/publications/p590/ch01.html

Modified AGI limit for traditional IRA contributions increased. For 2008, if you were covered by a retirement plan at work, your deduction for contributions to a traditional IRA is reduced (phased out) if your modified AGI is:

More than $85,000 but less than $105,000 for a married couple filing a joint return or a qualifying widow(er),

More than $53,000 but less than $63,000 for a single individual or head of household, or

Less than $10,000 for a married individual filing a separate return.

For 2008, if you either lived with your spouse or file a joint return, and your spouse was covered by a retirement plan at work, but you were not, your deduction is phased out if your modified AGI is more than $159,000 but less than $169,000. If your modified AGI is $169,000 or more, you cannot take a deduction for contributions to a traditional IRA. See How Much Can You Deduct? in this chapter.

By: Sandy

Sandy — Fri, 28 Aug 2009 00:47:05 +0000

Can i deduct my contribution to an ira account in ny tax return if i have a 401k plan at work?

By: Patrick

Patrick — Sat, 28 Mar 2009 03:43:18 +0000

Kellie: I can’t recommend any specific investments. I only recommend that people research which asset allocation they feel is the best for their needs and their risk tolerance. Best of luck.

By: Kellie

Kellie — Sat, 28 Mar 2009 03:21:41 +0000

What do you think about a gold backed IRA?

By: Jason

Jason — Tue, 24 Mar 2009 12:54:21 +0000

After reading the article; I can have multiple IRA accounts, but if I 2 Trad IRA accounts can I contribute 5K in each or just 2,500 each for the max of 5K. I understand why the gov’t wouldnt want me to do this with a Roth but their going to get their tax’s in the end no matter what.

By: Patrick

Patrick — Thu, 12 Feb 2009 18:11:55 +0000

Philip: I am fairly sure you can contribute to both accounts, but I am not certain how much you can contribute to them. I recommend contacting a CPA or speaking with your HR rep for more information.

By: Philip O

Philip O — Mon, 09 Feb 2009 05:29:52 +0000

I am age 56. I have 2 different full-time employers. One has a simple IRA with match, and the other has a 401k offered with a match. My income, married, for the jobs combined is 250,000. How much will I be allowed to put in these accounts?

By: Patrick

Patrick — Thu, 20 Nov 2008 04:48:01 +0000

Mark: Thank you for contacting me. I know you can have these plans at the same time (for example if you have an account from a previous employer). However, I do not know whether or not you can contribute to both of these from the same employer in the same year, or what your contribution limits would be. I recommend contacting your plan administrator. I’m sorry I couldn’t be of more assistance.