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This is for expert CPA's only
Posted on 11/4/10 at 8:17 pm
Posted on 11/4/10 at 8:17 pm
I have a federal gov TSP 401k account. Under federal tax law I can role over ANY other 401K account or IRA account that I own to the TSP account yearly. The reason for wanting to do this is because TSP investments can be transferred to a guaranteed 3-4% bond fund at any time to protect against down times w/ the market. My question is can I also role over my spouses' 401k and IRA account to MY TSP 401k account. I can't get an answer from anyone so far, including the fed gov.
Posted on 11/4/10 at 8:54 pm to rtbtiger
No you can't combine your spouse's 401(k) and IRA with your TSP. Retirement accounts are owned by individuals, even though you may each have a community property interest in each others' retirement accounts. You could do a spousal rollover if you are the designated beneficiary and your spouse dies. Otherwise you can't.
Posted on 11/4/10 at 9:36 pm to rtbtiger
You asked for the expert. You got it.
Posted on 11/4/10 at 9:53 pm to rtbtiger
Poodle's advice is correct, but let me add one thing.
Not only is it not allowed to combine spousal retirement accounts, it's also unneccessary. With some research, you can find a similar guaranteed bond fund for your wife's IRA and accomplish your original objective. There are many deferred annuity products with these attributes. If your wife's current custodian doesn't offer this type of investment, you may want to transfer it to another investment company that does.
Not only is it not allowed to combine spousal retirement accounts, it's also unneccessary. With some research, you can find a similar guaranteed bond fund for your wife's IRA and accomplish your original objective. There are many deferred annuity products with these attributes. If your wife's current custodian doesn't offer this type of investment, you may want to transfer it to another investment company that does.
Posted on 11/5/10 at 8:05 am to Poodlebrain
Tks for the advice guys! So what I'm reading is that I need to be listed as beneficiary and then have a contract placed on her?
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