Can I have an IRA with two different mutual fund companies?
July 26th, 2010
Is it allowable to have a Roth IRA with two (or more) different mutual fund compaies, so long as you don’t exceed the maximum contribution amount permitted by the IRS?
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Yes, it’s allowable. Your maximum contribution is the same $4,000 ceiling regardless of whether you are using one company or twenty. However, some companies do charge a service fee if your accounts do not reach some minimum. For example, Vanguard will charge you $10/year for accounts under $10K unless you have a total of $50K or more in your accounts.
Yes, you can choose as many brokers and/or mutual funds for your IRAs as you would like. IRS only cares about what gets reported towards your social security number as aggregate.
Yes
Yes. the ROTH is one entity that you can put what ever you want in it. Such as mutual funds. stocks, cash etc.
Yes. As long as you don’t go over the $4,000 aggregate limit. You can have mutual funds through various brokers, banks, etc.
The IRS FAQ may be helpful to you for other IRA related questions.
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Dax Desai
Investment Mgr
http://www.dnainvestments.com
Yes. Think of the term "IRA" as a label that you can apply to any account you own, whether it’s a savings account, a mutual fund, or a brokerage account. Once you apply that label to it, it is subject to the rules and regulations regarding IRAs. You are free to move money around, but once it has the IRA label on it, it has to stay on it unless you follow the procedures for removing money from the IRA. So if you have some money in Mutual Fund X, and you have designated it as an IRA, you can put that money into Mutual Fund Y and also count it as an IRA, so long as you follow the correct procedures for doing the transfer (your financial institution can help you with those details).
Be careful that you don’t set too many little accounts all over the place. It is a hassle for recordkeeping and tracking your results. We have our clients consolidate into one of the big low expense no-load mutual funds (Vanguard, Fidelity) or go with a low cost broker like Schwab where you can buy a variety of funds in your IRA.