Originally Posted by thehawk75

You can always rollover and IRA to another institution without penalty (assuming you meant IRS penalty). Any fees would be at the discretion of the financial firms involved, call and ask (most of the time it's free though) Regardless though, you are not limited to only one IRA account. You can have multiple. You're only limited to what you can contribute each year (contribute for tax advantage and/or penalty free), when it comes to the limits, it comes down to your tax bracket really. Which is why they let you make contributions for the previous year, up to April 15th (you need to know what your taxes are looking like in order to determine if you even want to make a contribution for that year, and to what type of IRA to contribute to).