About a year ago I quit a job that I had at a bank and i rolled my 401(k) over into a traditional IRA (I had <$5000). Now my wife is working at a large software company and has a 401(k) through her employer. When she leaves that job in the future will it be possible to add her as a signer on my IRA and roll her 401(k) into my traditional IRA?
2007-07-25 18:13:45 · 3 answers · asked by Brad H 2 in Business & Finance ➔ Personal Finance
No.
IRAs and 401k's are for individuals. You each have your own. You can not contribute or roll over in to hers and she can not contribute or roll over in to yours.
If she leaves her job and wants to roll over the 401k, she would have to open her own Traditional IRA account.
2007-07-26 01:48:52 · answer #1 · answered by Wayne Z 7 · 0⤊ 0⤋
No. As Wayne Z stated both IRAs and 401ks are for individuals. If you are concerned about making sure your wife gets the proceeds from your IRA if you should die, just make sure she is listed as primary beneficiary.
2007-07-29 14:50:27 · answer #2 · answered by LT 3 · 0⤊ 0⤋
No. You should have her open up a Roth IRA instead of a traditional IRA (more tax benefits). Then when she does leave, she can roll it into her own Roth IRA.
2007-07-25 18:22:08 · answer #3 · answered by Anonymous · 0⤊ 0⤋