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Learning, Sharing, and Teaching => Ask a Mustachian => Topic started by: bronxdude on February 16, 2015, 10:55:06 AM

Title: IRA basics questions
Post by: bronxdude on February 16, 2015, 10:55:06 AM

Hi,

We recently filed our taxes and my wife and I contributed to our Traditional IRA at TIAA-CREF. However, I'm not pleased with the performance of the IRA at TIAA-CREF and want to rollover the IRA to Vanguard. Should I wait until after April 15 (tax due date) to rollover the IRA or does it not matter since we already filed our taxes.

Also, I know the contribution limits for an IRA are $5,500 but what if you have multiple IRA's? Is it a total contribution of $5,500 to all of your IRA's or is it $5,500 for each IRA?

Thanks and hope I don't get a face punch!

Title: Re: IRA basics questions
Post by: MDM on February 16, 2015, 10:59:11 AM

It's an annual limit of $5500 per person.

Once the IRA is funded you can transfer it to different brokers as often as you like, provided the funds go directly from one to the other and not from the first, to you, and then to the other.

Title: Re: IRA basics questions
Post by: bronxdude on February 16, 2015, 11:01:15 AM

Thanks for the quick response!