Total annual IRA limits for married couple
I am confused about what the total contribution limits are for IRAs. Is it possible for both my wife and I to contribute $16,500 to each of our 401k plans & contribute $6000 each to Roth IRAs in the same year if our combined income is below a certain level? In other words we would each be contributing $22,500 to plans in the same year.
Permalink Submitted by Alan Spross on Thu, 2010-12-02 00:44
Yes, that is allowable.
The 401k contribution amounts are not affected in any way by the IRA contributions.
But any pre tax 401k contributions will reduce adjusted gross income, and that would improve the chances of not exceeding the modified AGI limit for regular Roth contributions. The only requirements for Roth contributions are that your joint modified AGI cannot exceed the limits, and you must have at least 12,000 in earned income for the year and NOT file married/separate returns.