I'm a partner in a family business which is a S Corporation and also a partner with my brothers in a LLP. Both of which I receive a K-1. My wife recently left a nursing job after 10 years due to the hospital closing down. She has a small 401k that we are looking at rolling into an IRA and then a Roth IRA. When looking at the maximum contribution for the Roth IRA as a couple, it appears to be $7000 if we earn less than $199,000.00. Between the two of us our w-2's come well below that. But if I add in my dividends from the S corporation, we exceed that amount. Where I'm confused is. I receive K-1's from both the S corp. and the LLP. The S corp is the only one I receive a dividend from. It appears that S corp dividends don't count towards the income cap for funding my wife's Roth IRA. I don't and haven't received any dividends from the LLP. So I'm not sure whither we can fund the Roth or not??? Any help would be greatly appreciated
