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Financial Planning / Foolish 401(k)s
|Subject: Re: Self directed IRA's||Date: 2/2/1999 9:29 AM|
|Author: TMFMax||Number: 807 of 25585|
<<After I roll my account over to Datek, will this be the type of account that I can
contribute to come tax time? My wife and I plan on each contributing $2k to a
Roth IRA, would we also be able to contribute to this newly opened Rollover
I also asked Datek this question. Can we open a Roth IRA jointly like our
regular brokerage account and just send them the $4k or would this have to be
I would think one is possible (only makes sense) but the online Roth IRA
application at Datek does not seem to have an option for joint account?>>
You can't roll 401k money directly into a Roth IRA, but you can roll it into a traditional IRA and from there to a Roth. Once into the Roth, that is an account that you can continue to contribute the $2000 a year into.
As to the other question, no, no joint account on an IRA. IRA stands for "Individual Retirement Account" (actually the A used to stand for something other than "account" but I can't remember what -- kind of irrelevant), but IRAs are all individual.
Here's a bit more on Roths that might answer some more questions for you: http://www.fool.com/Features/1998/sp981211TopTenRoth.htm
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