☰
✕
Sign In

Why sign in to the Community?

  • Submit a question
  • Check your notifications
Sign in to the Community or Sign in to TurboTax and start working on your taxes
New Member
posted Jun 6, 2019 1:54:02 AM

We are retired- my wife earned $ 12618.00. Hoe much can each of us contribute to out Roth accounts?

0 1 399
1 Best answer
Expert Alumni
Jun 6, 2019 1:54:03 AM

If you are retired and your total combined compensation was $12,618.00, you can each contribute $5,500 to a ROTH IRA if you are Filing Jointly and your Adjusted Gross Income is below $186,000.  If age 50 or older, you and/or your spouse would be able to contribute an extra $1,000.  However, the maximum contribution between the both of you will be $12,618.00, the total earned compensation.  

1 Replies
Expert Alumni
Jun 6, 2019 1:54:03 AM

If you are retired and your total combined compensation was $12,618.00, you can each contribute $5,500 to a ROTH IRA if you are Filing Jointly and your Adjusted Gross Income is below $186,000.  If age 50 or older, you and/or your spouse would be able to contribute an extra $1,000.  However, the maximum contribution between the both of you will be $12,618.00, the total earned compensation.