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Marriage Roth IRA and Tax Questions
Posted on 9/17/14 at 11:12 am
Posted on 9/17/14 at 11:12 am
These questions are based on a status of Married and filing jointly for 2014 and going forward.
Roth IRA:
We both qualify and plan to max out our 2014 contributions towards our Roth IRA. My concern is if my wife makes less than $5,500 or if she does not work at all in 2015 will we still be able to contribute to her Roth IRA, much less max it out (assuming no drastic changes in the Roth IRA rules from 2014 to 2015)? My understanding is yes, although I would like some feedback.
Taxes:
For our 2014 tax return our status will be Married filing jointly. My question comes from the dependents section. Half of this year, my wife was dependent upon her parents. I am not sure if they will claim her as one or not (I will ask sooner rather than later), but will there be a big change in our tax return if they claim her as one or not?
Roth IRA:
We both qualify and plan to max out our 2014 contributions towards our Roth IRA. My concern is if my wife makes less than $5,500 or if she does not work at all in 2015 will we still be able to contribute to her Roth IRA, much less max it out (assuming no drastic changes in the Roth IRA rules from 2014 to 2015)? My understanding is yes, although I would like some feedback.
Taxes:
For our 2014 tax return our status will be Married filing jointly. My question comes from the dependents section. Half of this year, my wife was dependent upon her parents. I am not sure if they will claim her as one or not (I will ask sooner rather than later), but will there be a big change in our tax return if they claim her as one or not?
2
Posted on 9/17/14 at 11:27 am to RickAstley
Yes, you can contribute to a Roth IRA for a non-working spouse, and max it out. Contributions to a Roth aren't deductible on your tax return, regardless.
Your wife isn't a dependent on a joint return. You can't file a joint return is someone else claims her as a dependent. Once she's married, her parents shouldn't claim her, and in many cases can't depending on age and support rules. You would be considered married for the whole year.
Your wife isn't a dependent on a joint return. You can't file a joint return is someone else claims her as a dependent. Once she's married, her parents shouldn't claim her, and in many cases can't depending on age and support rules. You would be considered married for the whole year.
Posted on 9/17/14 at 11:29 am to RickAstley
quote:
My concern is if my wife makes less than $5,500 or if she does not work at all in 2015 will we still be able to contribute to her Roth IRA, much less max it out (assuming no drastic changes in the Roth IRA rules from 2014 to 2015)?
yes, it's called a spousal roth IRA contribution, as long as you file joint and you make enough money to contribute to both plans.
quote:
but will there be a big change in our tax return if they claim her as one or not?
You can not claim someone as a dependent who files a married joint tax return.
Posted on 9/17/14 at 11:34 am to The Spleen
Thank you for your feedback. I asked the dependent question due to when I was playing with the W4 Calculator provided by the IRS and I know she has been a dependent prior to this year. I feel much better so far
This post was edited on 9/17/14 at 11:35 am
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