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Level 2
posted Jan 26, 2023 6:49:15 AM

Can you combine w-2 income to contribute to 2 Roth IRAs?

Assumption is Married filing jointly. Total MAGA allows for full contributions with catch up, $7,000 to each Spouse's Roth Accounts, Total $14,000.

 

But this does not address w-2 incomes for each spouse. Suppose one spouse made $13,000 and the second spouse made $2,500. Does this mean the higher income earner ($13k) can place $6,500 in each account, or can you use total of $15,500 w-2 earned income to allow $7,000 to be contributed to each account?

 

Thanks.

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1 Replies
Expert Alumni
Jan 26, 2023 7:11:13 AM

You can use the $15,500 to calculate your IRA contribution.  

 

According to the IRS website, "Your total contributions to your IRA and your spouse's IRA may be at most your joint taxable income or the annual contribution limit on IRAs times two, whichever is less. It doesn't matter which spouse earned the income. Roth IRAs and IRA deductions have other income limits."

 

For more information on IRA contributions, see the link below:

 

IRA FAQ