Joint Roth IRA | TigerDroppings.com

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tdavi48
LSU Fan
baton rouge
Member since Mar 2012
602 posts

Joint Roth IRA



I just opened up a Roth IRA through Vanguard and I was wondering if I would be able to add my fiancee to the Roth to where it was in both of our names. And I know the gains grow tax deferred, but are contributions tax deductible or is there any other type of tax benefits with the Roth?






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Tigerpaw123
USA Fan
Louisiana
Member since Mar 2007
9398 posts
 Online 

re: Joint Roth IRA


Get advice from someone who knows what they are talking about, but I would suggest not putting it in joint names (not even sure you can) for multiple reasons including unless y'all are exactly the same age the disbarment dates would be different, if in both names and something happened to the relationship it would be more difficult to divide, with the death of one would possibly freeze up the account while it went through the succession, etc....just get each of you an account in your own name


No you can not deduct contributions, that is the big thing with Roth you pay taxes on the money you put in and not on the gains! unlike a traditional where the contributions are deductible but the gains are taxed! I feel you should have a mixture of both , and I never trust the government and feel they will renege on the ROTH promise before it is over with






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PlanoPrivateer
LSU Fan
Frisco, TX
Member since Jan 2004
1398 posts

re: Joint Roth IRA


The "I" in IRA is all you need to know. You could list your fiancee as as your beneficiary but that doesn't really answer you quesiton.






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Cold Cous Cous
LSU Fan
Obvious and pointed jeering
Member since Oct 2003
13880 posts

re: Joint Roth IRA


First, never put anything in both your names until the marriage license is signed.

In any event, the I in IRA stands for individual. To my knowledge, they can't be joint. And as a practical matter, it's better to have a separate IRA for her, which allows you to effectively double your yearly contributions (can max out in both accounts, not just one).






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mostbesttigerfanever
LSU Fan
Jabuti
Member since Jan 2010
1755 posts

re: Joint Roth IRA


Joint IRA does not exist. Name the woman sole primary beneficiary. If you die, spouse takes the IRA over without a hitch.

Fiancé (ie non spouse) can also take it over, but must take a RMD each year (yes even for Roth)..though no RMD while you're alive and own the Roth IRA

For traditional IRA: RMD rules would apply under her age at that point too






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Layabout
UNO Fan
Baton Rouge
Member since Jul 2011
7189 posts

re: Joint Roth IRA


I think there's a reason they call them individual retirement accounts.





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seawolf06
LSU Fan
Raleigh, NC
Member since Oct 2007
4393 posts

re: Joint Roth IRA


Does anyone even think to understand what something means before dumping money into it?





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TigerintheNO
LSU Fan
New Orleans
Member since Jan 2004
23320 posts

re: Joint Roth IRA


quote:

contributions tax deductible


No, but your gains are tax free when you take them out.

quote:

if I would be able to add my fiancee to the Roth to where it was in both of our names.


Open one in her name as well.






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