Solved: I'm having issues with my Roth IRA and Traditional contributions, it is saying that I contributed too much but I'm filing with my spouse and don't exceed the 11,000?
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I'm having issues with my Roth IRA and Traditional contributions, it is saying that I contributed too much but I'm filing with my spouse and don't exceed the 11,000?

 
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Level 15

I'm having issues with my Roth IRA and Traditional contributions, it is saying that I contributed too much but I'm filing with my spouse and don't exceed the 11,000?

IRAs are accounts that belong to an individual.  The $5,500 limit is limit for the contributions made to each individual's IRAs.  In other words, you cam make IRA contributions totaling $5,500 to your IRAs and, separately, your spouse can make IRA contributions totaling $5,500 to your spouse's IRAs.  You cannot make contributions to your spouse's IRAs and your spouse cannot make contributions to your IRAs (although in some cases one spouse's income can be used to support the other spouse's contributions).

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Level 15

I'm having issues with my Roth IRA and Traditional contributions, it is saying that I contributed too much but I'm filing with my spouse and don't exceed the 11,000?

IRAs are accounts that belong to an individual.  The $5,500 limit is limit for the contributions made to each individual's IRAs.  In other words, you cam make IRA contributions totaling $5,500 to your IRAs and, separately, your spouse can make IRA contributions totaling $5,500 to your spouse's IRAs.  You cannot make contributions to your spouse's IRAs and your spouse cannot make contributions to your IRAs (although in some cases one spouse's income can be used to support the other spouse's contributions).

View solution in original post

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