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Can You Have Multiple Roth IRAs in 2022? Learn Why Now

Learn All the Details - Can You Have More Than One Roth IRA?

Can I have more than one Roth IRA account? There is no reason you cannot have multiple Roth IRA’s. And in some cases, it may even make sense to 2 Roth IRA’s, or have a traditional and Roth IRA, or contribute to a Roth IRA and a 401k plan.

I am surprised at how often I am asked, “Can you have multiple Roth IRA’s?” Is there a limit to how many IRAs you can? What are the pros and cans of having multiple Roth IRA’s. Find all of your answers and more in the following article.

How Many Roth IRA Can I Have?

So, how many Roth IRAs CAN you have? How many Roth IRA accounts do you want to have?

That’s how many Roth IRAs you can have.  There is no limit to how many individual retirement accounts, IRAs, you can have. The same goes with other retirement accounts; There is no limit to how many employer sponsored retirement plans: 401k plans, 403b accounts, 457 deferred compensation plans, SEP IRAs, SIMPLE IRAs, etc. You can have an unlimited number of retirement plans, or combination of multiple retirement accounts at the same time.

Whether they are Roth IRAs or regular traditional IRAs, or even 401ks – it doesn’t matter.

Although he number of IRAs you can have is unlimited, there are some very important things you still need to know. The amount you can contribute in a single year is limited.  And there are several other reasons you would want to consolidate your multiple IRAs and several reasons you would want to keep multiple IRAs.

Yeah, but can I have a Roth IRA and a Traditional IRA? 

Can You Have a Traditional And Roth IRA

Sure, why not?  Many people have both a Roth IRAs and a Traditional IRAs.  As I said earlier, you can even have a 401k, 403b, SIMPLE IRA, SEP IRA, etc.  Whatever you want, and as many of each as you want to have.

On top of that, you can even contribute to multiple Roth IRAs in the same year.  You can contribute to a Roth IRA and a traditional IRA. Even in the same year. Do you see where this is going now?

Do you really want to have multiple IRAs?  You can open and contribute to five separate IRAs or Roth IRAs at the same time.  And you can contribute $1,000 each to five separate Roth IRAs if you really want to.  While making regular contributions to a 401k too. 

It’s all possible, it just depends how many individual retirement accounts you want to manage and have.

As long as you contribute under the maximum annual contributions that you are allowed to, based on your income.  You can contribute to as many Roth IRAs as you want to.  The 2022 IRA contribution limits vary by income level, up to up to the max Roth IRA contribution in 2022 $6,000 per year . Or up to $7,000 per year if you are over 50 and our making the maximum contribution plus using the ‘catch up provision‘.

ira contribution limits

2022 IRA Contribution Limits & Tax Tables

As you plan your retirement goals and save, one of the most important things to understand are the contribution limits for the various retirement accounts. Especially for your retirement plans at work. Here are the annual contribution limits for the most common type of retirement account for 2022: Traditional IRA … Continue reading

Roth IRA Contribution Limits 2022

If your filing status is…And your modified AGI is…Then you can contribute…
Married Couples Filing Joint Returns
or qualifying widow(er)
< $204,000up to the limit
> $204,000 but < $214,000a reduced amount
> $214,000zero
Married Filing Separately
and you lived with your spouse at any time during the year
< $10,000a reduced amount
> $10,000zero
Single, Head of Household, or Married Filing Separately
and you did not live with your spouse at any time during the year
< $125,000up to the limit
> $129,000 but < $144,000
> $144,000zero
2022 Roth IRA Contributions
  • The limit for Roth IRA in 2022 is $6,000 per year.
  • If you are over age 50, you can make catch-up contribution limit of an additional $1,000 to a Roth IRA

Roth IRA Conversion 2023

2023Anyone Can
Roth Conversion 2022
YearUnder age 50Age 50+

2022 Traditional IRA Contribution Limits:
The annual contributions limits for Traditional IRAs in 2022 is up to the max IRA contribution in 2022 $6,000 per year.
If you are over age 50, you can make additional catch-up elective deferral contributions of an additional $1,000
Are IRA contributions tax deductible? IRA contributions are pre-tax contributions and a potentially tax deductible contribution (an upfront tax deduction or tax break).

Traditional IRA contributions aren’t limited by income, anyone with an earned income is eligible to participate, but your contribution may not be fully deductible.
A spousal IRA is a way for a non salary earning spouse to contribute as well.
There is no age limit to make IRA contributions.
Avoid headaches and be careful not to make an excess contribution.

2022 Tax Table

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For more details on tax brackets and retirement plan contribution limits, read my Guide To Roth IRA Contribution Limits

concept of investing in multiple roth iras

Can You Have More Than One Roth IRA?

Spouse or Spousal Roth IRA

A spousal Roth IRA is a Roth Individual Retirement Account (IRA) that is established for the benefit of a married couple. The account is set up so that each spouse can make contributions to their own Roth IRA, even if only one spouse is employed. This can be a beneficial way to save for retirement, especially if only one spouse has an income.

There are a few things to keep in mind when setting up a spousal Roth IRA.

  • First, each spouse must have their own separate Roth accounts – The I in IRA stands for Individual.
  • Second, the contribution limit for a spousal Roth IRA is the same as for a traditional spousal IRA (see above).
  • Finally, the contribution must be made by the deadline for Roth IRA contributions, which is typically April 15th of the following year.

FAQ frequently asked questions

I have now hammered home this point how many times?  Let’s look at a hypothetical situation then.

Now Let’s Look At An Example To See How Many Roth IRAs You Can Have

Assumptions – Amber works full time and has a 401k and a Roth IRA. Amber also have a side business, and she opened a SEP IRA. In 2022, Amber should be able to * Contribute up to the max IRA Roth contribution in 2023 of $6,500 – $7,500 to any combination of as many Traditional and Roth IRAs that she wants to (depending on her age)* Contribute up to up to the max contribution in 2022 of $20,500 – $27,000 to the 401k or Roth 401k* Contribute up to up to the max IRA contribution in 2023 $66,000 to a SEP IRA. There you go – multiple IRAs. And even multiple contributions in the same year.Amber can choose to setup up a Vanguard Roth IRA, a Charles Schwab Roth IRA, a Fidelity Roth IRA – she can have multiple Roth IRA accounts with multiple stocks, ETFs, or mutual funds, in multiple brokerage firm accounts, and multiple financial institutions.

What is a Roth Contributory IRA: Making Contributions

A Roth contributory IRA is an individual retirement account ( Roth IRA) to which an individual can make contributions.

  • The 2023 Roth IRA contribution limit is $6,500 ($7,500 if you’re age 50 or older).
  • If you’re covered by a retirement plan at work, your contribution limit may be reduced.
  • The contribution deadline for your 2023 Roth contributory IRA is until the due date for filing your 2023 tax return (April 15, 2024).

Potential Benefits

There are several benefits to contributing to a Roth contributory IRA:

  • Tax-free growth. Your Roth contributions and any earnings grow tax-free until withdraw in retirement. You contribute with after-tax dollars.
  • Potentially tax-free distributions. Roth IRA funds can be withdrawn income tax free, as long as you use the money for retirement (post 59.5)
  • No Required minimum distributions: Unlike a traditional IRA and 401k, a Roth IRA will not have RMDs at retirement.
  • Rollover options. You may be able to roll over funds from another retirement account, such as a Roth 401(k), into your Roth contributory IRA. (Be sure you understand the 60-day rollover requirement if you choose not to do a direct rollover)


There are also some drawbacks to contributing to a contributory IRA:

  • Investment strategies and options. Depending on where you invest, your Roth contributory IRAs can have limited investment options. Or you may have so many investment choices that it becomes overwhelming for some.
  • Early withdrawal penalties. If you withdraw funds from your Roth contributory IRA before you’re age 59½, you may have to pay a 10% early withdrawal penalty, as well as income taxes on the growth or gains on your investments.
  • For more information on the Roth IRA Five Year Rule

Related Readings:

2022 SECURE Act & RMDs Retirement Plan Distributions – Everything You Want to Know

FAQ frequently asked questions


How many Roth IRAs can I have?

The number of Roth IRAs you can have is unlimited.
You can even have multiples of the same kind of IRA, such as Roth IRAs, SEP IRAs, and traditional IRAs.
However, just because you have more Roth IRAs does not mean you can contribute more money each year.
We are all limited to the total annual contribution by the IRS contribution limits based on our age and our income limits.
How To Calculate Your Annual Income
The number of traditional IRAs or Roth IRAs you can open is unrestricted by the IRS.
However, there is typically a practical limit.
You can only contribute a certain amount to your Roth IRA each year: You won’t be able to save more money by opening 100 Roth IRA accounts (tax-free withdrawals) than you would if you only had one.

Can I contribute to a Roth IRA and a 401k?

It’s not only possible to have multiple retirement accounts, but it may even be advisable at times.
If you have an 401k plan, you probably want to contribute to your 401k up until the employer match. 
From there, you probably want to save in a Roth IRA, if you are eligible.  
This allows individuals to have the best of both worlds, because a 401k and a Roth IRA have their own set of tax benefits. 
Multiple retirement accounts or IRAs could diversify your future tax planning and help you save for retirement.

Can you have more than 1 one Roth IRA? How many Roth IRAs can I have?

It’s the same question, and the answer never changes.
There are a few different types of IRAs that you can have though, and you are allowed to have more than one Roth IRA.
However, there are contribution limits that you have to stay under in order to avoid penalties.
If you have more than one Roth IRA, you need to make sure that you are not contributing more than the limit to any one IRA. Otherwise, you may be subject to a tax liability and penalties.

People have also asked me this same question, worded differently.  The answer remains the same:

Can I have a Roth IRA and a traditional IRA?

Yes, you can have many IRAs.
There are no limits on how many of these investment accounts an individual can have, according to the Internal Revenue Service (IRS).
As previously indicated, the amount you may contribute to a Roth IRA or traditional IRA is limited, thus having numerous IRAs allows you to raise your investment options.

How many Roth IRA accounts can one person have?

It is possible to have several traditional and Roth IRA accounts, as well as a mix of the two. 

Follow up questions I frequently then get asked:

  • Is it better to have multiple Roth IRA accounts or one?
  • Is it smart to have multiple Roth IRAs?

So let’s answer those now

It’s Possible To Have Many Roth IRAs, But is This a Smart Idea?

If you are asking these questions – then it is clear you understand the repeated answers I gave above about how many Roth IRAs I can have…

If I can have multiple Roth IRA retirement accounts – should I? 

What are the pros of having multiple Roth IRAs? 

What are the disadvantages of having multiple Roth IRAs?

Here is a summary of the pros and cons of multiple Roth IRA retirement accounts. 

401k ira

I go into much more detail into each of the pros and cons in individual articles, so you can see them by clicking and reading each article below

Pros to Having Consolidated Roth IRAs

There are several benefits to consolidating your Roth IRAs, 401ks, and other retirement accounts.

  • One of the most obvious benefits is that it can save you time and money. If you have multiple Roth IRAs, you may be paying multiple annual Roth IRA custodial fees. By consolidating your Roth IRAs, you can save on these Roth IRA account fees.
  • When you have multiple Roth IRAs, you have to keep track of each one separately. This can be time-consuming and confusing. With a consolidated Roth IRA, you only have to keep track of one account. Consolidated Roth IRAs can help you stay organized and on track with your retirement strategy and savings.
  • Consolidating retirement accounts makes asset allocation, fees, withdrawals in retirement, taxes, paperwork, account questions, and asset transfers to beneficiaries easier to manage.
  • Having multiple Roth IRAs can help simplify the estate planning process. Separate Roth IRAs may be more practical if you want to leave specific investments to specific people, such as a spouse, child, or other relative.
  • Overall, there are several benefits to consolidating your multiple Roth IRAs. If you are looking to save time and money, and to stay organized with your retirement savings, then consolidating your Roth IRAs may be the right choice for you.

For more details, read my article on Reasons To Consolidate Your Roth IRA retirement accounts.

Pros to Having Multiple Roth IRAs

There are a few key advantages to having multiple Roth IRAs:

  • First, it can help to diversify your retirement savings. This is because you can spread your money across different types of investments, which can help to reduce risk. You can even have accounts with different firms that specialize in different sectors if you have multiple Roth IRAs.
  • Second, having multiple Roth IRAs can give you more flexibility in terms of how you withdraw your money in retirement. For example, you may be able to take advantage of different withdrawal rules if you have multiple IRAs such as a Roth IRA vs a traditional IRA.
  • Third, having multiple Roth IRAs can also help you to save more money for retirement. This is because you can take advantage of different contribution limits and tax advantages for each Roth IRA or 401k.
  • If you keep your Roth IRA in a deposit account, the FDIC and SIPC may insure it. Having multiple Roth IRAs in different banks may spread the $250,000 FDIC insurance further for your protection.
  • For those planning to give to charity or leave money to specified beneficiaries, having multiple Roth IRA accounts can assist simplify the estate planning process.

Overall, having multiple Roth IRAs can be a great way to diversify your retirement savings and to save more money for retirement.

For more details, read my article on the Advantages To Having Multiple Roth IRAs

Now you understand the pros of aggregating Roth IRAs, or having multiple Roth IRAs and retirement accounts.  You may be realizing your situation is a little bit different. 

You may have already retired. 

You may be over the required minimum distribution age of 72.  And you may be wondering:


Roth IRA RMD – There is NO RMD for a Roth IRA

Does RMD Apply to a Roth IRA?

The short answer is, no. There is no RMD for a Roth IRA!!

The RMD is required for traditional IRAs, but it is not required for Roth IRAs. This is one of the main benefits of a Roth IRA – the money can continue to grow tax-free, and no RMD is required.

While a Roth IRA does not have an RMD, there are still rules that must be followed in order to avoid penalties. With a Roth IRA, the account must be held for at least 5 years before any withdrawals can be made. If withdrawals are made before the 5-year mark, then a 10% penalty will be applied.
Additionally, Roth IRA withdrawals are only tax-free if they are considered to be “qualified distributions.” A qualified distribution is a withdrawal that is made after the 5-year holding period and after the account holder has reached age 59 ½. If a withdrawal

I have several excellent articles that answer all of your RMD questions here!

Congratulations.  You probably know more about personal finances now than most of your friends!.

  • Can I have multiple Roth IRAs?
  • What are the pros of having multiple Roth IRAs
  • What are the disadvantages of multiple Roth IRAs
  • Does RMD Apply to a Roth IRA?

What Is a Roth IRA vs Roth 401(k)? Key Difference Between a Roth 401(k) vs Roth IRA

There are a few key differences between a Roth 401k vs Roth IRA.

  • The most notable difference is that a Roth 401k is an employer-sponsored retirement savings plan, while a Roth IRA is an individual retirement savings account.
  • With a Roth 401k and a Roth IRA, your contributions are made with after-tax dollars, which means you won’t get a tax break when you contribute. However, your withdrawals in retirement will be tax-free.
  • Another key difference is that there are no income limits for contributing to a Roth 401k, but there are income limits for contributing to a Roth IRA. For 2023, the Roth IRA contribution limit is $6,500 if you’re under age 50, or $7,500 if you’re 50 or older -there are catch-up contributions for those 50 and older. The Roth 401k limit is $22,500.
  • Finally, the employer match is another key difference. With a Roth 401k, your employer may offer a match on your contributions, up to a certain percentage. With a Roth IRA, there is no employer match.
  • When it comes to deciding between a Roth 401k and Roth IRA, it really depends on your personal financial situation. If you have a 401k plan available through your employer, and your employer offers a match, that’s a great place to start.

Now, the final piece:


Choosing the Appropriate Roth IRA

It’s usually easier to handle fewer accounts.

Consolidating retirement accounts is the best option for most people because it makes asset allocation, fees, withdrawals, taxes, paperwork, account questions, and asset transfers to beneficiaries easier to manage.

However, there are some benefits to having multiple retirement accounts. 

For example – if you had a Roth 401k plan with excellent investment options or minimal management costs that you couldn’t match elsewhere.  If your present Roth 401k investment is better than what you can obtain elsewhere, there’s no reason to consolidate it.

Speaking with a financial professional may help you with your decisions, or at least make you feel better about decisions you are thinking of making.   

One thing I do want you to understand.  MOST financial advisors you speak with will suggest you consolidate the accounts into a Roth IRA.  To consolidate all of your Roth IRA accounts with them and for them to manage the portfolio for you. 

So that they can charge you a 1% management fee.

On the flip side.  You can be doing yourself a disservice having multiple accounts and getting separate advice on each account. 

A true professional financial planner or advisor can best advise you on your retirement savings – if they are aware of and advising you on your entire portfolio.  So that it all works efficiently, together.

Make the best decision for yourself.  In the end, you must do what is best for you.

People frequently begin withdrawing money from their IRAs as soon as they retire in order to supplement their retirement income. If you don’t withdraw your RMDs by the deadlines, you will be charged a 50% penalty.  So it is critical that you understand the qualified distribution rules. For more – read my recent article about … Continue reading

Should I Aggregate My RMDs

How Will The 2022 SECURE ACT And RMDs Impact You?

The proposed regulations of the 2022 Secure Act and RMDs will restate the minimum distribution rules previously published in 2002, and amend them from time to time. They clarify SECURE Act changes and answer questions about RMD rules for lump-sum payments. Read on for more information about the proposed regulations. I’ll be keeping an eye … Continue reading

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Michael Ryan
Michael Ryanhttps://michaelryanmoney.com/
A former stockbroker, financial planner, and owner of my own financial planning practice and then a property & casualty agency. I have since retired and decided I want to help individuals and business owners by offering personal financial coaching. And now, I have started my blog - www.michaelryanmoney.com - to bring financial literacy to everyone. In a short time I have already been quoted and featured in US News & World Report, Business Insider, Yahoo Finance, and more (https://michaelryanmoney.com/home/press/) As a financial planner, I helped people from all walks of life. If you have questions about money, I will help you find the answers at www.MichaelRyanMoney.com
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