My job is going to lay me off within the next few months. Does anyone know if I could roll what's in my 401(k) into my wife's 401(k)? Thanks in advance.
2006-11-22 16:02:43 · 5 answers · asked by ? 2 in Business & Finance ➔ Personal Finance
No you can not. You can roll into your new 401k, an IRA or other qualified retirement plan. You can NOT roll direct into a Roth IRA.
All the 401k rules can be found at:
http://www.advancedwealthsolutions.com
Good luck!
2006-11-22 16:11:23 · answer #1 · answered by Anonymous · 0⤊ 1⤋
To the above, you could no longer take a private loan against your 401k once you have lost your activity, which the questioner is experiencing. And, i don't be attentive to the type you will refinance your very own loan in case you're jobless. CWA, i might first do an instantaneous rollover of any 401ks into an IRA. there is an exception to the tax penalty on early withdrawals from an *IRA*: in case you utilize the money to pay to your medical coverage while unemployed. in case you propose on persevering with your coverage, that'll save some money. Then, i might basically pull money out of the IRA each and each month as you extremely could, to cut back your tax penalty for early withdrawals. in case you're unemployed area of 2008, then your taxes next 365 days would be exceptionally low besides, and you will possibly be able to stay in a decrease tax bracket than you're used to. the infant delivers yet another tax injury. you will nonetheless could pay the ten% effects on early IRA/401k withdrawals, yet it is not so undesirable mutually with your taxes in any different case being low.
2016-12-10 14:09:44 · answer #2 · answered by lillibridge 4 · 0⤊ 0⤋
With all the rules changes, here is the biggest.
If you have more than $5,000 - you do not have to move it at all, you may leave it with your former company to take care of until the day you retire.
Years ago, you left , they write you a check.
But I think it has to remain in your name. In case, God forbid, the nasty "D" word comes along.
2006-11-22 16:06:27 · answer #3 · answered by tomkat1528 5 · 0⤊ 0⤋
No, her 401k is under her social security number. You can roll your 401k into an IRA in your own name.
2006-11-22 16:05:26 · answer #4 · answered by Dawn L 2 · 0⤊ 0⤋
No, but you can continue to keep your 401K with your ex-employer until you wish to roll it over to another account that is yours.
2006-11-22 16:10:34 · answer #5 · answered by Anonymous · 0⤊ 0⤋