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darew0000
Level 2

Roth IRA - Can both my wife and I contribute $6,000? in 2020

My wife and I are filing together in 2020.  Our combined MAGI is less than the $196,000 cut off limit.  Are we both able to contribute the max $6,000 to our Roth IRA accounts for a combined total of $12,000.  Or are we only allowed to contribute $6,000 combined?

 

Thanks

4 Replies
MayaD
Expert Alumni

Roth IRA - Can both my wife and I contribute $6,000? in 2020

Each one of you can make a contribution up to the current limit.

For 2021, 2020 and 2019, the total contributions you make each year to all of your traditional IRAs  and Roth IRAs can't be more than:

  • $6,000 ($7,000 if you're age 50 or older), or
  • If less, your taxable compensation for the year

IRA Contribution Limits

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darew0000
Level 2

Roth IRA - Can both my wife and I contribute $6,000? in 2020

@MayaD   Just so I'm clear....  we would be able to contribute $6,000 each ($12,000 total)?

MayaD
Expert Alumni

Roth IRA - Can both my wife and I contribute $6,000? in 2020

Yes, you can contribute those amounts to each of your and your spouse’s IRAs, for up to a maximum of $12,000.

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fanfare
Level 15

Roth IRA - Can both my wife and I contribute $6,000? in 2020

If not, TurboTax will let you know. Your tax will go up (penalty).

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