2007-12-09 12:04:08 · 3 answers · asked by Question Monster 4 in Business & Finance ➔ Personal Finance
Yes they do. If you try going to another financial institution to make a contribution and that don't know that you have an IRA elsewhere and accept the deposit, the IRS knows.
2007-12-09 12:16:22 · answer #1 · answered by doglover 5 · 0⤊ 0⤋
NO!! The $4000 limit is for ALL your IRAs (you can have as many as you want). Any ONE IRA would not know if you had reached the COMBINED limit. The IRS will be more than happy to charge you penalties for excess contributions.
2007-12-09 12:33:03 · answer #2 · answered by STEVEN F 7 · 2⤊ 0⤋
As the other posters stated the IRS will know. This is not something that you want to fool with. Have you maxed out your 401(k) if one is available to you. I assume your under age 50 so in that case you can put 15,500 in there.
2007-12-09 13:32:20 · answer #3 · answered by Jerry 2 · 1⤊ 0⤋