Gold 401K

Can I split my IRA contribution between two separate accounts at different institutions?

I currently have a traditional IRA account with one of the large brokerages. My limit for 2008 is $5000 but I’ve only contributed $3000. Can I setup another account at a different bank or brokerage and contribute other other $2000 in this separate account at a different institution? I’ve heard of splitting accounts at the same institution to name different beneficiaries but I’d doing something a little different. I have invested in stocks now I want to invest in some gold so I found a bank that does IRA accounts and converts deposit to precious metal for small fee.

that’s absolutely fine.

just make sure that you don’t exceed your max combined. your two brokers probably won’t be talking to one another, and if you mess up, you can face some penalties (nothing too severe, but worth avoiding all the same).

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