DianeC958
Expert Alumni

Retirement tax questions

If your income is too high then your contribution is limited.  

 

If you are Married Filing Joint and your income is less that $193,000 the you are allowed to contribute the full $6000 if your income  is between $193,000 to $203,000 then your contribution is limited and above the $203,000 you may not make a contribution to a Roth IRA directly.

 

With the level of income that you have she is not eligible to contribute to a Traditional IRA account.  The income limits in contributing to a Roth or a regular IRA account are based on the Married Filing Joint Income.

 

You can work around this for both of either one of you by contributing to a Traditional IRA and the converting it to a Roth IRA during the same year.  This is called a Back Door Roth IRA and by passes the income limits placed on contributing to a Roth IRA directly.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"