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Asked 10/11/2010
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My wife is leaving her job and staying at home. Can my wife roll her retirement into my (husband) 401k account? I also have a loan on my 401k account and can her rollover count for payment against the loan? |
Answer 1/3 - Submitted 10/11/2010
Answer 2/3 - Submitted 10/13/2010
She can roll her 401(k) into an IRA. If she sets up a "conduit IRA" and doesn't add to or take from the account, then she will someday be able to roll it into another employer's 401(k), if she wanted to.
If she doesn't roll the funds into another qualified account, she will pay income tax and possibly a 10% early distribution penalty.
These accounts are individual, and cannot be deposited into another person's.
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