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Question about individual 401k's
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Topic: Question about individual 401k's (Read 2231 times)
MustardTiger
Stubble
Posts: 179
Question about individual 401k's
«
on:
April 05, 2014, 08:05:56 PM »
I am thinking of opening an i401k through vanguard soon. My wife works as a massage therapist and this seems like the best choice. I am a teacher but have been a professional poker player in the past and now do that as a side income. I am also thinking of starting a part time tutoring business as well.
We have no retirement savings except for my teacher retirement. I found MMM about 1 year ago and have since started aggressively paying down debt. If I wanted to contribute from these 3 separate jobs would I have to open 3 separate accounts? I have really gotten raped by taxes when I was only a poker player as I had very little deductible expenses and spent all that I earned.
Thanks for the help.
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bacchi
Walrus Stache
Posts: 7056
Re: Question about individual 401k's
«
Reply #1 on:
April 06, 2014, 11:36:06 AM »
You'll need one for yourself and one for your wife.
To use a single 401k, one of you has to be an employee of the other, making it a 401k with spousal contributions.
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Question about individual 401k's