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Level 2
posted Jan 28, 2021 7:16:56 AM

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

0 4 2152
4 Replies
Expert Alumni
Jan 28, 2021 8:25:21 AM

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

Level 2
Jan 28, 2021 8:53:19 AM

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

Expert Alumni
Jan 28, 2021 9:11:31 AM

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

Level 15
Jan 28, 2021 12:18:50 PM

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