Can IRAs be held jointly by spouses?

By Denise Appleby AAA
A:

An individual retirement account (IRA) must be established and maintained on an individual basis. It cannot be held jointly. However, the IRA owner may designate his or her spouse (or any other party) as the beneficiary of the IRA. In some states, the spouse must provide written consent if the IRA owner designates any party other than the spouse as the beneficiary of the IRA.

(To read more about establishing a beneficiary for your IRA account, read Inherited Retirement Plan Assets - Part 1 and Part 2 and Who Is The Beneficiary Of Your Account?)

This question was answered by Denise Appleby
(Contact Denise)

RELATED FAQS

  1. What is a 401(k) rollover?

    Find out what a 401(k) rollover is, when you might want to roll over a 401(k) and whether a direct or indirect rollover is ...
  2. Are qualified pension plans taxable?

    The taxable portion of your pension or annuity payments is usually subject to federal income tax withholding, according to ...
  3. How do you withdraw money from your 401(k)?

    Deciding to take a withdraw from your 401k is not a decision that should be made lightly. However, for those who needs funds, ...
  4. Is it possible to obtain a loan from a qualified retirement plan?

    Read how loans are available for qualified retirement plans; most loans allow for $50,000 or 50% of the current vested value, ...
RELATED TERMS
  1. Elder Care

    Elder care, sometimes called elderly care, refers to services ...
  2. Gold IRA

    Definition of Gold IRA
  3. Eligible Transfer

    An IRS-allowed movement of assets into or out of an individual ...
  4. Leveraged Benefits

    The use – by a business owner or professional practitioner – ...
  5. Peri-Retirement

    A term for the period of time leading up to actual retirement. ...
  6. MyRA

    A new tax-advantaged retirement account that President Barack ...
comments powered by Disqus
Related Articles
  1. Top Financial Frights: Emergencies & ...
    Investing Basics

    Top Financial Frights: Emergencies & ...

  2. Steps To Retiring With A Reverse Mortgage
    Retirement

    Steps To Retiring With A Reverse Mortgage

  3. When Your Job Offers An Awful Retirement ...
    Retirement

    When Your Job Offers An Awful Retirement ...

  4. Top 5 Strategies To Pay For Elder Care
    Retirement

    Top 5 Strategies To Pay For Elder Care

  5. 5 Top Alternatives To A Reverse Mortgage
    Retirement

    5 Top Alternatives To A Reverse Mortgage

Trading Center