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H&Wife collecting federal taxfree pension 1 works parttime box1 wages of 11500 like to contribute to our Roths. how much can contribute, 1 will be a spousal contribution
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June 5, 2019
11:40 PM
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Retirement tax questions
Married filing jointly individuals can contribute up to $5,500 ($6,500 if over the age of 50) for the 2018 tax year as long as their modified adjusted gross income does not exceed the income limit.
The contributions for 2019 has increased to $6,000 ($7,000 if over the age of 50).
I have a provided a link that will assist you in determining the amount of contributions that can be made, and the formula that is used:
June 5, 2019
11:40 PM
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Retirement tax questions
With the two of you together having only $11,500 of earned income, the sum of your two Roth contributions cannot exceed $11,500.
June 5, 2019
11:40 PM
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Retirement tax questions
Thanks, TaxPro answer to generic(link to Irs Publications) yours more what i was looking for, just trying to shelter a little more money in tax free area. Thanks any other comments welcome on topic.
June 5, 2019
11:40 PM