Simple and Roth Question
Hello,
Can a couple filing (married filing jointly) fully fund a Simple IRA and a Roth IRA if their household income is $24k? What if their total household income is only 17k?
Thank you.
Hello,
Can a couple filing (married filing jointly) fully fund a Simple IRA and a Roth IRA if their household income is $24k? What if their total household income is only 17k?
Thank you.
Permalink Submitted by Alan - IRA critic on Tue, 2020-09-15 18:29
Are they business owners, and if so what is the business entity? Is there other W-2 income? What are their ages?
Permalink Submitted by Kevin O'Hearn on Tue, 2020-09-15 20:21
Thank you Alan. They own a chiropractic practice. No other income besides rental income of about 70k annually but that may decrease if they choose to sell one of their properties. They are both 56 however the husband will turn 57 this October.
Permalink Submitted by Alan - IRA critic on Tue, 2020-09-15 22:22
Is the practice a sole proprietorship, partnership, or S Corp issuing a W-2?