Hi ,

I am having one confusion over investing in 401K?

My wife compay offers 401K and I don't have 401k yet.
I was in doubt about taking benefit of 401k as couple.

As my wife puts in her contifbution she gets Tax benefit out of it. If contribute my contribution into same 401K account which she has will I get Tax Benefit from it?

Essentially is there any way we can open joint 401K account?

Thanks
Navik

I think there is indeed some confusion here. Your wife's 401(k) plan is hers, not yours. She contributes to it directly out of her salary. Essentially a 401(k) plan is a way for her to defer her compensation until some time in the future. You can not contribute to her plan. There is no such thing as a "joint" 401(k). Since your company doesn't offer a 401(k) plan, you should consider contributing to your own individual IRA account (either a traditional or Roth IRA).

Good.. info...

Quote:

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Originally Posted by ebaines

I think there is indeed some confusion here. Your wife's 401(k) plan is hers, not yours. She contributes to it directly out of her salary. Essentially a 401(k) plan is a way for her to defer her compensation until some time in the future. You can not contribute to her plan. There is no such thing as a "joint" 401(k). Since your company doesn't offer a 401(k) plan, you should consider contributing to your own individual IRA account (either a traditional or Roth IRA).

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Hi ebaines,

Thanks for reply...

I was thinking in regard of joint 401k account.
And my wife has not yet opted for 401k offered by her company... she / we are planning for 401k. So I was asking if we have joint account and contributes in same account if we can...

Again the answer is no. You can not have a joint 401(k) account. When she signs up for her 401(k) plan she will start making contributions out of her salary only. You can not contribute to her account.

Quote:

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Originally Posted by ebaines

Again the answer is no. You can not have a joint 401(k) account. When she signs up for her 401(k) plan she will start making contributions out of her salary only. You can not contribute to her account.

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Thanks ebaines...