Roth IRAs

[TDFnCali]

Can u put 2 names on a Roth IRA?

If yes, do both have to reach 59.5 before u can withdraw it without penalty?

And if yes, if 1 dies, does the entire amount automatically go to the survivor?

Thx

 

[LGilmore]

IRA = Individual Retirement Account.

Do I need to say more?

 

[TDFnCali]

IRA = Individual Retirement Account.

Do I need to say more?

Haha, Nope....I feel stupid when Im stupid! DUH!

 

[Mattschmidt]

Can u put 2 names on a Roth IRA?

If yes, do both have to reach 59.5 before u can withdraw it without penalty?

And if yes, if 1 dies, does the entire amount automatically go to the survivor?

Thx

You can also get to the principal without penalty as well after 5 years. Not that I would encourage people to raid their roths but its a nice option to have

 

[TDFnCali]

You can also get to the principal without penalty as well after 5 years. Not that I would encourage people to raid their roths but its a nice option to have

U can, how? What stipulation does that fall under? OR are u just referring to getting to it, but u pay the 10% penalty tax?

 

[xrac]

Can u put 2 names on a Roth IRA?

If yes, do both have to reach 59.5 before u can withdraw it without penalty?

And if yes, if 1 dies, does the entire amount automatically go to the survivor?

Thx

All qualified accounts: Roths, IRAs, 401ks, 403bs, Seps, Keoughs, etc. all have to be in an individual name only. No joint accounts allowed.

 

[JD AgentMan]

After the Roth has been in place for 5 years you can access all of your principal before 59 1/2 without paying the 10% penalty. Just another way the Roth is different from other qualified IRAs.
Also, two people cannot own an IRA, but you will be asked to name a beneficiary. If that beneficiary is your spouse, usually she can keep the funds in an IRA in her name without tax implications. As far as I know, this only applies to a spouse.