Can my spouse and I combine our Traditional IRAs?

By Denise Appleby AAA
A:



No. IRAs cannot be maintained as joint accounts. One key indicator is the label - IRA stands for individual retirement account. The "individual" in the label suggests that the account must be maintained as an individual account for registration purposes.

Refer also to IRC 408 §, which states that an IRA must be established for an individual. Joint ownership is not allowed under any provisions of the Code or Treasury Regulations.



For further reading, see the Traditional IRAs tutorial.



This question was answered by Denise Appleby
(Contact Denise)



RELATED FAQS

  1. What are the Roth 401(k) withdrawal rules?

    Understand the requirements for tax-free withdrawal from a Roth 401(k) account, how early withdrawals are taxed and options ...
  2. What are the main differences between a Roth 401(k) and a 401(k)?

    Learn more about financial planning, investment options and decision making between traditional 401(k) and Roth 401(k) accounts, ...
  3. How can I start or set up a Roth 401(k)?

    Find out more about what options you have to set up a Roth 401(k).
  4. What are the benefits of an independent/individual 401(k)?

    Understand the benefits of the individual 401(k) retirement savings plan and how it differs from traditional IRA based retirement ...
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. Death Master File (DMF)

    Also known as Social Security Death Index. A list of people whose ...
  5. Leveraged Benefits

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

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