Spousal IRA
Question regarding the eligibilty of Roth contributions. TP does not work, but receives $130,000 in pension income. Spouse earns around $20,000. Can both TP and spouse contribute to Roth? TP as spousal IRA?
TIA.
Question regarding the eligibilty of Roth contributions. TP does not work, but receives $130,000 in pension income. Spouse earns around $20,000. Can both TP and spouse contribute to Roth? TP as spousal IRA?
TIA.
Permalink Submitted by Alan Spross on Tue, 2012-01-10 21:43
Yes, a spousal contribution can be made for TP. However, for Roth contributions if the modified AGI exceeds 169k (2011), then Roth contributions begin to be phased out.
If TP or spouse has reached 70.5 by the contribution year, no TIRA contribution can be made for that spouse, although a spousal contribution can be made for a TP under 70.5 using earned income from a spouse over 70.5.
Permalink Submitted by Anonymous (not verified) on Tue, 2012-01-10 22:02
Thank you Alan, just what I was looking for.