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<< 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.

Phil Marti
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