Notice I'm not asking if it is ok to have a IRA and a Roth IRA. I'm asking is it legal and all to have a Standard Account and a IRA whether regular IRA or Roth.
So with the Standard I can withdrawal whenever without penalty with taxation an all when the time comes around and save for retirement a million years from now with a Roth.
2007-01-28 19:01:42 · 4 answers · asked by joshuademex 1 in Business & Finance ➔ Investing
Yes.
2007-01-28 19:10:47 · answer #1 · answered by hebb 6 · 0⤊ 0⤋
Yes it is legal. Each account carries it's own definition regarding the type of account that it is. They can be with the same broker (full or discount) or financial institution.
In fact you can have as many accounts as you would like. The limit is not on the number of accounts that you have, the limit is on the total amount of dollars that you are allowed to contribute each year. If you wanted to open a thousand IRA accounts and put $4 into each one you could - not a smart move but you can legally do it.
The fact that you have a regular account ( non-IRA) has no impact on your ability to open up an IRA account with the same financial institution.
2007-01-28 19:14:37 · answer #2 · answered by The answer troll 2 · 0⤊ 0⤋
Sure. Separate accounts, with separate titles and separate account numbers. With your standard account you can do neat things like short sales and margin, which are not allowed with the
ROTH. On the other hand, your profits on the ROTH are not taxed at the end of the year. Best of both worlds. Good luck.
2007-01-28 19:09:15 · answer #3 · answered by ZORCH 6 · 0⤊ 0⤋
verify to work out the rates on the money interior an IRA with them. If their cost ratios are above a million%, you should do better with people like T. Rowe fee. verify their money contain out plenty besides.
2016-10-16 06:06:23 · answer #4 · answered by ? 4 · 0⤊ 0⤋