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Registered
Join Date: Nov 2003
Location: West of Seattle
Posts: 4,718
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Stupid Roth IRA question
I have a Roth IRA in a particular mutual fund, and I've decided I'd really like to put this year's contribution elsewhere. I know that it's possible to transfer the entire contents of the original account to the new custodian with no losses to taxes -- that fact is heavily attested to in every IRA FAQ I can find. What I can't find is whether or not I am required to do that.
Is it legal to just stop paying into the first one and open the other somewhere else? Are there non-obvious penalties associated with not transferring the contents of the first to the second? Thanks in advance, Dan
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'86 911 (RIP March '05) '17 Subaru CrossTrek '99 911 (Adopt an unloved 996 from your local shelter today!) |
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03-15-2006, 02:20 PM
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Registered
Join Date: Dec 2004
Location: san jose
Posts: 4,982
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I think you are okay. I use to have several different IRAs which I finally rolled into one
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steve old rocket inguneer |
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03-15-2006, 02:32 PM
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Join Date: Oct 2004
Location: Hopwood
Posts: 136
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Dan;
you may have as many as you need. Remember, contribution limit for 2005-07 is $4,000.00. Also income limits for single are $90,000.00 and MFJ $150,000.00. richard
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03-15-2006, 02:40 PM
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Registered
Join Date: Nov 2003
Location: West of Seattle
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Rock on, thanks for the help, guys.
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'86 911 (RIP March '05) '17 Subaru CrossTrek '99 911 (Adopt an unloved 996 from your local shelter today!) |
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03-15-2006, 02:56 PM
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