Tradional and Roth Contribution for Husband and Wife

Hi,

I am 51 years old and my spouse is 45. I am wondering if we can contribute 6000 to my spouse's Tradional IRA and 7000 to my Roth IRA account. My spouse does not work. I work and maxed out my 401K last year as well. We file Married Jointly every year. I know there are some income limitation MAGI which I checked on IRS and we are in the under that limit. My questions is simply if we can contribute the above mentioned amounts in each of our IRA accounts. Please advise. Thank you

757

1 Best answer

Expert Alumni

Feb 25, 2021 3:31:58 PM

If you are filing jointly and your MAGI is less than $196,000, then you can contribute $7,000 to a Roth IRA and your your spouse can contribute $6,000 to a spousal Traditional IRA.

Please read this IRS document for your Roth IRA contribution and this IRS document for your spouse's Traditional IRA contribution.

Expert Alumni

Feb 25, 2021 3:31:58 PM

If you are filing jointly and your MAGI is less than $196,000, then you can contribute $7,000 to a Roth IRA and your your spouse can contribute $6,000 to a spousal Traditional IRA.

Please read this IRS document for your Roth IRA contribution and this IRS document for your spouse's Traditional IRA contribution.

Why sign in to the Community?

Tradional and Roth Contribution for Husband and Wife