mschauer says....I would like to start a Roth IRA, but the online broker I was checking out said 401k cannot be rolled over into a roth IRA. Is this true?Yes it is true. You cannot do a direct rollover from a 401K to Roth IRA. But the broker should have told you how this was done though. The 401K has to first be rolledover into a Rollover IRA. From there, the Rollover IRA can then be converted to the Roth IRA. Remember that you will pay tax on the total of the converted money. Is it ok to have three IRA's. Two Roth's, one for myself, one for my wife, and then this other conventional IRA because of my 401k rollover.You can have as many IRAs as you want. But remember, that you can only contribute $2000 in total to your IRAs and only $2000 to your wife's IRAs.
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