The Motley Fool Discussion Boards
Investing/Strategies / Retirement Investing
|Subject: Re: Rollover IRA Question||Date: 8/21/1999 9:40 AM|
|Author: TMFPixy||Number: 13319 of 76882|
Greetings, Drive455, and welcome. You asked:
<<These are probably simple questions but I haven't been able to locate a quick answer so I am seeking aid from more experienced Fools. My wife and I recently relocated and we are looking to roll over our company 401k's into an IRA account. We each have two accounts at two different former employers. My questions are:
1) Can we roll all four of these 401k accounts into one "joint" IRA or must we each roll over our accounts into our own separate IRA's (e.g. one in my name and one in her name)?>>
The key word in "Individual Retirement Account" is the first one. An IRA may not be owned jointly with another person. Thus, you and your spouse may transfer your 401k plan monies to your own accounts only.
<< 2) If we must keep separate IRAs, is it possible for an individual to roll over 401k accounts from two previous employers into one IRA account?>>
Yes, it is possible.
|Copyright 1996-2015 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us|