My Answers to Common IRA & 401k Rollover Questions

Over the last few months I’ve gotten a lot of questions regarding 401k rollovers and IRA accounts. I’d like to take a moment to answer six questions which I get somewhat frequently and may be good for investors to know:
• Can I withdraw 401k funds while still in service at my job?
• Once my funds are in an IRA, how easily can they be accessed?
• What are the various limitations on making deductible contributions to an IRA account? Who can and who can’t?
• What if I make a mistake on my tax return regarding my IRA contributions? For example, what if I make an excess contribution? Will I be penalized? How will the IRS know?
• What’s the story with RMD? Can I make a contribution in the year in which I turn 70 ½?
• Can contributions be made to an IRA for a non-working spouse?

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