Roth IRA - Can both my wife and I contribute $6,000? in 2020

darew0000 · ‎January 28, 2021

My wife and I are filing together in 2020. Our combined MAGI is less than the $196,000 cut off limit. Are we both able to contribute the max $6,000 to our Roth IRA accounts for a combined total of $12,000. Or are we only allowed to contribute $6,000 combined?

Thanks

MayaD · ‎January 28, 2021

Each one of you can make a contribution up to the current limit.

For 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:

$6,000 ($7,000 if you're age 50 or older), or
If less, your taxable compensation for the year

IRA Contribution Limits

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darew0000 · ‎January 28, 2021

@MayaD Just so I'm clear.... we would be able to contribute $6,000 each ($12,000 total)?

MayaD · ‎January 28, 2021

Yes, you can contribute those amounts to each of your and your spouse’s IRAs, for up to a maximum of $12,000.

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fanfare · ‎January 28, 2021

If not, TurboTax will let you know. Your tax will go up (penalty).

Roth IRA - Can both my wife and I contribute $6,000? in 2020

Retirement tax questions

Retirement tax questions

Retirement tax questions

Retirement tax questions