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

I think you are okay. I use to have several different IRAs which I finally rolled into one

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

Rock on, thanks for the help, guys. :)