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Contributing to more than one IRA
Can I make IRA contributions to more than one IRA for the same year?
Yes, you can generally contribute to multiple Traditional IRA and Roth IRA accounts for the same year. However, the total amount of your contributions to all of your Traditional and Roth IRAs cannot exceed your maximum contribution limit. For example, if your maximum IRA contribution limit for 2012 is $5,000, you can divide that maximum contribution between multiple Traditional and/or Roth IRA accounts.
This combined maximum limit does not apply to employer contributions to a SEP IRA or a SIMPLE IRA.
ABOUT MANAGING YOUR MONEY
Local finance professionals share insights and advice on issues such as
budgeting, managing debt, and retirement planning.
About the contributors
Andrew Chan is the
founder of Integrative
Financial Advisors in Framingham. He provides comprehensive
financial planning advice and investment management services. He has
been an adviser for over 12 years and works with clients to integrate
all aspects of their finances including investments, retirement,
education funding, and tax planning.
Cheryl Costa is a
managing director at AFW Wealth Advisors, which has offices in Natick and Purchase, N.Y. She advises clients on investing, education funding, and estate planning. She holds a master’s in business administration from Boston University.
Jamie Downey has been an
accountant for more than 14 years. He's a partner at Downey & Co. in
Braintree. Prior to joining the firm, he served as a manager in the
audit department of accounting firm KPMG.
