The IRS could not care less how many you open. They will all be treated as one when figuring out the withdrawal order or penalties.
Some states provide stronger protections for funds rolled over from a workplace plan, so it is probably wise to keep those funds separate from the backdoor Roth. Personally, we don't, though. My partner has two Roth IRAs just because he once moved his entire Roth IRA for a bonus but kept contributing and converting to the account at the original brokerage.
Some states provide stronger protections for funds rolled over from a workplace plan, so it is probably wise to keep those funds separate from the backdoor Roth. Personally, we don't, though. My partner has two Roth IRAs just because he once moved his entire Roth IRA for a bonus but kept contributing and converting to the account at the original brokerage.
Statistics: Posted by sailaway — Sun Jul 14, 2024 6:12 am