Can I have two different IRA accounts?

I have a Roth IRA with mutual funds that I purchased through a broker. It was a good move, but I want to manage my own investments on scottrade. Can I open a scottrade IRA even though i have the other one as long as I contribute under the maximum amount. I also have a regular scottrade acct. Will this effect anything? Can any type of investment be purchased for an IRA?

Hi Michael,

You can have as many IRAs and/or Roth IRAs as you want, and through whomever you want. I have 2 rollovers with Fidelity, one with Vanguard and one with John Hancock. As long as you don't pull any money out of them, your taxes will not be impacted negatively.

You can have as many IRA accounts as you want, but keep in mind you are still limited to IRS guidelines for contribution amounts. If I recall the IRA maximum is now $4500.00, but if your 50 years or older you can add an additional $500 for catch up contributions. With that in mind if you have 2 IRA's you will still be limited to only contribute up to $4500.00 for both IRA's combined. Over contribution can be a tax nightmare.

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