In this video, I’m answering the question, “How much can I contribute into my spouses traditional IRA if she does not work?” The traditional IRA has contribution limits depending on income, workplace plans and which spouse has the workplace retirement plan. The traditional IRA limits are different than Roth IRA contribution limits and are also different depending on which spouse has the workplace retirement plan.
2019 Contribution Limits
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Good and detailed info, but still got a question:
Husband Makes $125k/year (W2, 1099)
Wife Makes $20k/year (W2, 1099)
Filing Status: Married Filing Jointly
MAGI: ~$150k/year or less for sure
Can a husband put $6000 into his Roth IRA?
Can a wife put $6000 into her Roth IRA?
It means in total as a married couple can both of them have $12,000 contributed for the tax year 2020? (off course in 2 separate Roth IRA accounts with their respective SSNs).
Please clarify this situation if you can. Thanks for making this detailed video without those background music 🙂
Hi Travis, i work and i have a 401k which i max out 19500/year; my agi is 250 K; my husband has never worked; can i still open a roth IRA or traditional IRA for my unemployed husband? Thanks
Hi Travis, I have same question but with a slight change. Can my wife contribute to a TRADITIONAL IRA if she HAS a JOB. We both work and I have maxed out my TRADITIONAL IRA and want to know if she can do same or not? On IRS website they say following but it doesn't make any sense to me. "Both spouses have compensation. If both you and your spouse have compensation and are under age 70½, each of you can open an IRA. You can’t both participate in the same IRA. If you file a joint return, only one of you needs to have compensation."
For a solo 401k Roth from my s Corp. can I hire my spouse. Pay her about $500 W2. Then can she contribute $19k to her solo 401k Roth?