Hi,
My husband and I are both 50+ in age. Thus, we contributed $7,000 each into our Roth IRA accounts = $ 14,000 for both of us, for 2021 year.
However, my husband's wage for 2021 is only $ 4,500 (he was unemployed for majority of 2021), while I was still employee with regular wage of $60K.
Question:
Since my wage is able to cover $14,000 for both of us, my husband still able to contribute $7,000 max for 2021 ROTH, even though he earned less than that? Thus, there is no penalty on excess contribution for Roth IRA in 2021 for my husband?
Thank you in advance for replying my question!
