With cash-in-hand, I would like to invest the maximum amount into a 2024 Roth IRA. That number is a little confusing to understand. On one hand, my wife and I meet the age requirement and the income requirement. She doesn't work so am I restricted to a joint Roth, or can we each have one. Is it $7000 or $8000 (I believe $8k to be the $1k makeup total).
The additional confusion comes when considering other former 401K IRA investments. Do they limit or restrict the Roth investment?
Then I just read in TurboTax that a Traditional IRA was the way to go for a specific client, not a Roth.
So, I'm looking for advice.
