22. Q&A: Can I Have Multiple Roth IRAs? Are There 401k Rollover to IRA Tax Implications?

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. 😝*

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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 "Her" perspective), show you free tools/resources on our podcast, and offer a ton of free educational content on our ⁠website⁠!

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