Maximizing Roth Contributions: Spouse Contribution to Roth IRA for Prior and Current Years

[DMS3470]

Is it possible to contribute more than the $6,000 limit to the same Roth IRA by having my spouse and I both contribute?

We are filing jointly.

Is it possible for both of us to contribute in the prior year and the current year, making a total contribution of $24,000 in one tax year filing?

[STaxLady · Accepted solution]

Hello @DMS3470  and thanks for the question.

An IRA is an Individual Retirement Account, meaning that it belongs only to one individual.

While you cannot both contribute to the same IRA, you could both make IRA contributions for the same year.

You can find more information in the following TurboTax article under the section titled "The Roth IRA option"

https://turbotax.intuit.com/tax-tips/retirement/boost-your-retirement-savings/L3lryQHVz 

As for contributing for the prior year, contributions can be made up to the tax filing deadline, which for 2021 was April 18th, 2022.

I hope that I have answered your question DMS3470.

Please reach out again if you need additional information.