Message Font: Serif | Sans-Serif
No. of Recommendations: 0
<<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
two accounts.

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:

Print the post  


When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.