☰
✕
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
Level 2
posted Oct 30, 2023 7:21:18 AM

How do I fix an excess contribution to ROTH IRA for my spouse?

In 2022 my wife contributed $7,000 to a ROTH IRA, but she only earned $6,000. How do I fix that?

0 3 421
1 Best answer
Level 15
Oct 30, 2023 8:17:17 AM

Did you file Married Filing Jointly and you had more than $6,000 of compensation?  If so, and the total IRA contributions between you and your spouse did not exceed the total compensation between the two of you, the contribution is a permissible spousal contribution (subject to the MAGI limitations on the eligibility to make a Roth IRA contribution).

3 Replies
Level 15
Oct 30, 2023 8:17:17 AM

Did you file Married Filing Jointly and you had more than $6,000 of compensation?  If so, and the total IRA contributions between you and your spouse did not exceed the total compensation between the two of you, the contribution is a permissible spousal contribution (subject to the MAGI limitations on the eligibility to make a Roth IRA contribution).

Level 2
Oct 30, 2023 9:00:55 AM

Thank you. That is good to know. Yes, my income is more than the combined limits for both of us.

Level 15
Oct 30, 2023 1:03:24 PM

To be clear, only compensation from working counts, not other income.