We are filing jointly, and our MAGI is less than the maximum for a Roth IRA. Let's assume I'm earning $120,000, my spouse earns $4,000.
What are the limits for Roth IRA contribution in this case? For me it's $6,000 (2020 taxes), but is my spouse limited to $4,000 as the contribution must be earned income?
Or, as we are filing jointly, are both our limits at the full $6,000 each?
If your modified AGI is less than $206,000, you can both contribute $6,000 to a Roth IRA ($7,000 if 55 or older). See Publication 590-A (2020), Contributions to Individual Retirement Arrangements (IRAs)
If your modified AGI is less than $206,000, you can both contribute $6,000 to a Roth IRA ($7,000 if 55 or older). See Publication 590-A (2020), Contributions to Individual Retirement Arrangements (IRAs)