How to Set Up Separate Roth Accounts
- 1). Research the types of investments you want to use for your Roth IRAs. The types of investments you plan to use can help you determine which types of administrators will work best.
- 2). Contact each of the companies you plan to use for your Roth IRAs and request information about the fees and expenses associated with those plans. Some banks, brokerage firms and mutual fund companies charge maintenance fees for accounts under a certain size, so it is important to research these possible expenses and choose the lowest-cost provider you can.
- 3). Request a Roth IRA application and deposit slip from each company you want to use as an administrator. Complete the application and submit it to the appropriate administrator. If you wish to fund the account right away, enclose a check with the application, or log on to the account and transfer money from your bank account.
- 4). Decide how you want to handle your future Roth IRA contributions. While you can have more than one Roth IRA account if you wish, the total amount of your Roth IRA contributions cannot exceed the guidelines set by the Internal Revenue Service. For 2011, you can contribute up to $5,000 to your Roth IRA, plus an extra $1,000 if you are 50 or older.
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