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Another Roth Question
Posted on 7/15/14 at 1:55 pm
Posted on 7/15/14 at 1:55 pm
Sorry im just looking for sound advice.
Can a husband and wife contribute to the same Roth? In other words have a Roth with both names on it. If so is the cap still 5500 or does it double?
Can a husband and wife contribute to the same Roth? In other words have a Roth with both names on it. If so is the cap still 5500 or does it double?
5
Posted on 7/15/14 at 2:12 pm to ragacamps
My understanding is no... since it is an Individual Retirement Arrangement (Account)
This post was edited on 7/15/14 at 2:13 pm
Posted on 7/15/14 at 2:14 pm to Hoyt
Thats what I figured but the info on the irs site isnt very specific
Posted on 7/15/14 at 3:45 pm to ragacamps
How would the bank know "who" is contributing to it? Do you and your wife not have the same account? If you don't she could just transfer money into your account or vice versa and then put it in the Roth.
Each of you are allowed to have your own own Roth and you can contribute a max of 5,500 each per year unless you are older than 55 in which that amount would be higher.
Also, Roth IRAs are phased out around 190,000 AGI.
Each of you are allowed to have your own own Roth and you can contribute a max of 5,500 each per year unless you are older than 55 in which that amount would be higher.
Also, Roth IRAs are phased out around 190,000 AGI.
Posted on 7/15/14 at 5:45 pm to ragacamps
Can the ROTH IRA(Individual Retirement Plan) be registered under the names of two people? Negative.
Can you make a spousal contribution? If you meet the requirements listed, Yes.
Can you make a spousal contribution? If you meet the requirements listed, Yes.
Posted on 7/15/14 at 7:16 pm to ragacamps
You can't have a joint IRA - Roth or Traditional. However, both can contribute up to the maximum and each of you can make the other the beneficiary, so besides the minor fact that you have to manage separate accounts it doesn't matter that much.
That said, if you are married filing jointly the same AGI applies to both of you.
That said, if you are married filing jointly the same AGI applies to both of you.
Posted on 7/15/14 at 10:18 pm to ragacamps
quote:
Can a husband and wife contribute to the same Roth?
Even if you could, why would want to?
Each IRA can only have one owner. And while contribution limits are placed on the owner, not on the account (i.e. you can have multiple accounts), but if you try to put more than one person's limit into a single account, the bank will stop you.
Posted on 7/16/14 at 7:16 am to foshizzle
Thanks
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