What are the limitations to IRA contributions I should know about?

There are no limits to the number of IRA accounts you can open. However, the total contribution limit (per year) applies to a single person. A person with 3 IRA accounts who is under 50 years old can only contribute up to $6,000 across all of their accounts each year.

It’s common for account holders with multiple IRAs or 401Ks to “roll them over” into a single IRA or 401K account so it’s easier to track everything in one place.

If you’re contributing to an IRA, the limit is $6,000 in 2020 ($7,000 if you’re over 50). Eligibility requirements and contribution limits do change, but you can always find this info directly on the IRS website.