Questions on questions! We answer 3 questions from our listeners related to IRAs, 401ks, and taxes...and then Jessie asks additional questions - as usual.
Question 1: How to figure out taxes when moving 401k into a rollover IRA?
Question 2: Can you control how your employer 401k gets invested? (side note: you can borrow money from yourself!)
Question 3: Can you have multiple IRAs?
- When moving a 401k into a rollover IRA, it is important to be aware of the tax implications. Consult IRS resources and consider seeking advice from a tax professional.
- Employer-sponsored 401k plans often offer lower fees and benefits, so it is generally recommended to roll over the 401k into a rollover IRA when leaving the employer.
- Individuals can have control over their employer 401k investments by choosing from the available investment options. It is important to consider risk tolerance and investment goals when making investment decisions.
- It is possible to have multiple IRAs, but there are limits on contributions. Individuals should be aware of the IRS rules and income limitations when contributing to multiple IRAs.
*We are not tax nor financial advisors (see disclosure) - don't forget to do your research/homework. 😝*
Still Confused? Have More Questions or a Comment?
Holla @ us on:
Market MakeHer website
Instagram @marketmakeherpodcast
TikTok @marketmakeher
X/Twitter @MarketMakeHer
Join the Money Coven FB Community
👀 Watch us in action on our YouTube Channel 👀
About Us
Market MakeHer is an investing education podcast and LLC with a mission to demystify the stock market and make financial literacy accessible to all self-directed investors! We believe that investing is for everyone and that's why we break down complex investing topics (from "
Support the show
Ask Us a Question, Leave a Review, Follow, Subscribe:
🔗All Market MakeHer Links
👀 YouTube Channel
✨ Jess Inskip: TikTok Instagram
✨ Jessie DeNuit: TikTok Instagram
Funny Finance Shirts and Merch
About Us 🌚🌞
Market MakeHer is an investing education podcast taught by a 15-year finance expert to her friend, a beginner investor. Our mission is to demystify the stock market and make financial literacy accessible to all self-directed investors! We teach complex investing topics in a different way - from "Her" perspective.
Important Disclosures:
Investing involves risk. There is always potential to lose money when investing in securities. Market MakeHer LLC provides educational content and resources for informational purposes only. We are not registered financial advisors & do not provide personalized investment advice. Consult with a l...
