Hello community,
My question is about transferring money to my wife's Roth IRA account.
Context: Until last year we used to fund her Roth account via her bank account. However, we want to know if there is a way that we can send money directly from my bank account (individual not joint) to her Roth account. We asked this question to our broker's customer service line. They suggested the following two methods.
- Method 1: We do a wire transfer from my bank account to her Roth IRA directly.
- Method 2: First we open an investment account with the broker for her and then I transfer the money to her investment account and then we transfer it from her investment account to her Roth IRA.
My Question: What I want to know from people here that if we use the Method 1 above will the Roth investement be considered as her Roth investment or not since the money is going from my bank account. How about Method 2?
Background about our tax, immigration, and Roth account status:
- She is an international citizen and is on a H4 visa.
- She is without EAD and doesn't do a job or a business.
- I am also an international citizen on H1-B visa.
- We file our joint tax returns "Married filing jointly". We file as Resident Aliens.
- She is not eligible to get an SSN and doesn't have one. Though she has an ITIN.
- She does have a Roth IRA account opened with a broker and we deposited money to it last year.
- I have my separate Roth IRA account and I invest into it every year.
Please feel free to ask for any clarifications.
