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IRA Contribution - spouse included
Posted on 8/21/20 at 9:31 pm
Posted on 8/21/20 at 9:31 pm
Can my wife and I both contribute to a separate IRA for an annual contribution of $12k?
She makes roughly $65k before taxes and I make a little over $80k.
She makes roughly $65k before taxes and I make a little over $80k.
1
Posted on 8/22/20 at 6:27 am to Special K
Those limitations are only if one spouse is not a participant in their employers retirement plan.
If they both are participants the phase out range is $104-124k
Edit: you can always contribute to a traditional Ira, these income limits are whether you can deduct it or not.
If they both are participants the phase out range is $104-124k
Edit: you can always contribute to a traditional Ira, these income limits are whether you can deduct it or not.
This post was edited on 8/22/20 at 6:40 am
Posted on 8/22/20 at 7:23 am to Shepherd88
I assumed he was asking about Roth IRAs which have an income limit. 196k not 193k
Posted on 8/22/20 at 8:53 am to Shepherd88
quote:
Edit: you can always contribute to a traditional Ira, these income limits are whether you can deduct it or not.
So, I can contribute more to an IRA than the deductible limit as long as the overage isn't claimed as a deduction?
Posted on 8/22/20 at 8:55 am to Auburn1968
No you’re capped at $6k per person. The income limits just define whether you can deduct that contribution or not (otherwise you’ll just carry a basis in the ira).
This is only for traditional Ira rules, Roth will differ a little as mentioned above.
This is only for traditional Ira rules, Roth will differ a little as mentioned above.
Posted on 8/23/20 at 8:20 am to Shepherd88
Do Traditional IRA’s/work sponsored retirement plans have income restrictions? I’m aware of contribution caps, but not income restrictions. I had a situation once where a change in income affected my Roth eligibility after I already contributed for that tax year.
Posted on 8/23/20 at 8:30 am to Jp1LSU
If you are an active participant in a qualified employer sponsored plan then your AGI becomes a factor in whether you can deduct a traditional Ira contribution or not.
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