RobertB4444
Expert Alumni

Get your taxes done using TurboTax

Roth accounts aren't taxed.  That's their whole point.  You already paid the taxes on the money you put in and - as long as you wait til you meet the requirements i.e. become retired - any earnings inside the account are not taxed when you take it out.

 

If you have two Roth accounts they are not the same.  Any more than two checking accounts at two different banks are the same.  You can transfer amounts between two Roths without paying taxes but it does generate a form that you have to enter into your tax return every time that you do it.  So be aware.

 

Whether you should consolidate your accounts is entirely up to you.  There are no tax benefits to doing so.  But if you prefer one management company over another then go ahead.  Again, it's not taxable to do so but it will generate a form that requires you to report it.  

 

@archanapb 

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