401K Financial Planning

jim in arziona asked:

I am over 70 and have a managed IRA and a 401K, I would like to transfer the 401K funds to the IRA. Calling the IRA I did not get a clear answer to my questions. Will I be taxed on the 401K dollars over $5000? If so can I do double that and apply it to two years? Really appreciate any help


Question posted courtesy of: Nicholas

The_Real_Guildar asked:

Hello -

I currently have a 401k sitting around from a job I left a few months ago. I understand that I have the option to roll this 401k over to an IRA. Once the funds are in an IRA, I can use $10,000 for a down payment on a new home (I would be a first time homeowner). I also understand that if my wife had an IRA, she would also be able to use $10,000 of it towards a down payment on a home, making it $20,000 total. My question is - is it possible to roll over my 401k into two different IRAs, one for myself and one for my wife, and use $20,000 from the two for a down payment on a home?

Thanks.


Question posted courtesy of: Joy