OT: IRA Rollover Question

[jckid]

If this is a dumb question, please forgive me! I've tried--unsuccessfully--to find the answer elsewhere.

What I want to know is if it is possible to rollover an IRA account that is in my name into another persons IRA account. Obviously I could draw out the money and then deposit it into the other person's account, but then I would have to pay taxes on the money. What I want to know is if a rollover is possible.

[znfdl]

I am not a tax accountant, but my common sense would say no. You are creating a transfer of wealth or income for that person.

One thing that you might be able to do, is transfer $10K per year, which is the allowable gift amount.

Good luck.

[JohnS]

No.

[coylifut]

No.

actually, you can, but you have to die in order to do it. your named beneficiary receives the account as an FBO account and draws the money out over their life expectancy. the account can't be co-mingled with any other ira money that the recipient already owns

The other way to do it, is have your spouse sue you for divorce and relinquish it in the divorce decree.

pick which ever method suits you.

[Serotta PETE]

actually, you can, but you have to die in order to do it. your named beneficiary receives the account as an FBO account and draws the money out over their life expectancy. the account can't be co-mingled with any other ira money that the recipient already owns

The other way to do it, is have your spouse sue you for divorce and relinquish it in the divorce decree.

pick which ever method suits you.

This is the correct

Question becomes, "Why would you want to put the $$s into another person's account".?? There is not a good financial reason - unless you owe them the money and then that is not IRS acceptable either.

When it comes to stuff like this - - THERE IS NO STUPID QUESTION>>>> It is very confusing and any attempt they had at logic was a mistake :no:

[Bruce K]

As my financial advisor pointed out once, the first word in IRA is "Individual".

It is for your benefit and yours alone with the exception of the two cases stated above.

BK

[jckid]

Question becomes, "Why would you want to put the $$s into another person's account".??

Here's what I was thinking: My husband is past retirement age, but still working. I am far from retirement age. We would like to retire together in the near future. In order to maximize our income, my thought was that I could rollover part or all of my IRA into my husband's account and then he could draw the interest off of it (without penalty) since he's past retirement age. Now I know it can't be done, but that's ok. With our current plan, we should still reach our goal to retire or semi-retire together in a year and a half.