Ok currently I have a one Roth IRA in mutual funds at an investment company. My confusion is: say I wanted to start diversifying Roth IRA investments over not just that fund but say for instance a bank account or a fund at another brokerage etc.. Is it possible to put money into different Roth IRAs in the same year, like $1000 here and $1000 there or whatever? How does that work? How does the government keep track of when you have exceeded your maximum IRA investments for the year? No, I'm not going to cheat on my taxes this way, that would be silly, I know all this stuff is ultimately reported, but I'm just not clear in understanding how it all works if you have multiple Roth IRAs.
My real question is: is diversifying Roth IRA investments like this, even within the same year, something you are even allowed to do?
Reply With Quote