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Roth IRA contribution
If married filing jointly, can I use both my income and my partner's income to make Roth IRA contribution just into my account? So let's say I had earned income of 1500$ this year and my partner had 1000$, can I use the combined 2500$ of earned income and contribute 2500$ into my Roth IRA alone, if no other IRA contributions were made for the year whatsoever by both of us? When i enter this 2500$ amount in TurboTax for my Roth IRA contribution for the year, it is claiming that I have an excess contribution of 1000$ that I'd need to remove before April 15 deadline or otherwise pay a 6% penalty each year? Am I missing something here?
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‎January 11, 2024
8:46 PM