topic Re: Roth IRA contribution in Retirement tax questions

Roth IRA contribution

moore3ttax — Wed, 27 Jan 2021 02:21:58 GMT

If your spouse has earnings income, and I am on social security only, am I allowed to contribute to a Rollover Roth IRA? IF you file joint taxes, it seems to indicate it is possible, ..

Re: Roth IRA contribution

npierson7 — Wed, 27 Jan 2021 16:38:43 GMT

Yes, if you are filing jointly you may be able to make IRA contributions based on the taxable compensation reported on your joint return. Your total contributions to both your IRA and your spouse’s IRA may not exceed your joint taxable income or the annual contribution limit times two, whichever is less. It doesn't matter which spouse earned the income.

You can learn more about that here:

How much can I contribute to an IRA?

Re: Roth IRA contribution

fanfare — Wed, 27 Jan 2021 18:29:23 GMT

If both spouses had income, it really does matter.

Since you said you had no income your spouse can contribute for you up to his earnings not used up in his own IRA, if any.