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URL:  https://boards.fool.com/ltlt-my-question-is-can-i-create-2-ira-one-12347992.aspx

Subject:  Re: 401K-IRA-Home Downpmt Date:  4/5/2000  6:37 PM
Author:  TMFExRO Number:  20965 of 104796

<< My question is, can I create 2 IRA - one for my wife & one for me and then withdrawl $10K from each? >>

You cannot create an IRA for your wife from your 401(k) rollover. As long as you have between you $4,000 earned income for a year, you can each contribute $2,000 to an IRA, but rollovers can't be moved to a different person.

Keep in mind that the $10,000 first home purchase provision excempts you from only the early distribution penalty, not the tax on the distribution. More than one person has erred on this.

TMF ExRO
Phil Marti
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