Yes. You can have as many IRAs as you would like, however, please note that annual IRA contribution limits apply to all of the IRAs you own - your cumulative contributions can not exceed the annual limits set by the IRS.
For example, if you are 40 years old and are eligible to make a max IRA contribution of $6k, you might make a $3k contribution to a Traditional and a $3k contribution to your Roth. You may also elect to just put the entire $6k into just the Roth, if you are eligible.
For more information, please visit the IRS website.
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- Can I take out a loan or borrow against my IRA account with iTrustCapital?
- How do I request my annual RMD from my IRA?
- What is an RMD (Required Minimum Distribution)?
- What is a SEP IRA?
- What is the 5-Year Rule related to Roth IRAs?
- Can my spouse and I have a joint account?
- Can I have more than one IRA?
- What is the difference between a Traditional IRA and a Roth IRA?