ROTH IRA question

Have a question about your personal investments? No matter how simple or complex, you can ask it here.
Post Reply
User avatar
Topic Author
El Greco
Posts: 396
Joined: Tue Aug 23, 2016 2:21 pm

ROTH IRA question

Post by El Greco » Wed Jun 19, 2019 3:43 pm

Hi all:

I'm planning to retire next year and will have no earned income, however my spouse will continue to work. We file MFJ. Will we both still be able to contribute to our ROTH IRA accounts based on her earned income?

User avatar
Duckie
Posts: 7001
Joined: Thu Mar 08, 2007 2:55 pm
Location: California Bay Area

Re: ROTH IRA question

Post by Duckie » Wed Jun 19, 2019 3:47 pm

El Greco wrote:I'm planning to retire next year and will have no earned income, however my spouse will continue to work. We file MFJ. Will we both still be able to contribute to our ROTH IRA accounts based on her earned income?
Yes.

retiredjg
Posts: 39035
Joined: Thu Jan 10, 2008 12:56 pm

Re: ROTH IRA question

Post by retiredjg » Wed Jun 19, 2019 3:48 pm

Yes you can.

VACat07
Posts: 10
Joined: Mon Feb 11, 2019 4:56 pm

Re: ROTH IRA question

Post by VACat07 » Wed Jun 19, 2019 3:49 pm

Yes. I no longer work (but my husband does) and we've been funding a ROTH IRA for me for years. Of course, this assumes you're under the income limits.

User avatar
willthrill81
Posts: 15195
Joined: Thu Jan 26, 2017 3:17 pm
Location: USA

Re: ROTH IRA question

Post by willthrill81 » Wed Jun 19, 2019 3:50 pm

Yes. My wife hasn't had earned income in a decade, but she can still contribute to her IRA. Look up 'spousal IRA rules'.
“It's a dangerous business, Frodo, going out your door. You step onto the road, and if you don't keep your feet, there's no knowing where you might be swept off to.” J.R.R. Tolkien,The Lord of the Rings

User avatar
oldcomputerguy
Moderator
Posts: 6864
Joined: Sun Nov 22, 2015 6:50 am
Location: In the middle of five acres of woods in East Tennessee

Re: ROTH IRA question

Post by oldcomputerguy » Wed Jun 19, 2019 3:53 pm

Yes, as long as your spouse's taxable earned income is at least as much as the amount you contribute to all your IRAs combined.

https://www.irs.gov/retirement-plans/pl ... ion-limits
If you file a joint return, you may be able to contribute to an IRA even if you did not have taxable compensation as long as your spouse did. The amount of your combined contributions can’t be more than the taxable compensation reported on your joint return. See the formula in IRS Publication 590-A.
"I’ve come around to this: If you’re dumb, surround yourself with smart people; and if you’re smart, surround yourself with smart people who disagree with you." (Aaron Sorkin)

User avatar
Topic Author
El Greco
Posts: 396
Joined: Tue Aug 23, 2016 2:21 pm

Re: ROTH IRA question

Post by El Greco » Wed Jun 19, 2019 4:20 pm

Thank you all.

Post Reply