Can we contribute to my wife’s ROTH or regular IRA if she’s doesn’t have any earned income this year? Obviously I’m working but not sure if that counts for anything for her? [Reply]
Originally Posted by lewdog:
Can we contribute to my wife’s ROTH or regular IRA if she’s doesn’t have any earned income this year? Obviously I’m working but not sure if that counts for anything for her?
Originally Posted by lewdog:
The things I’m finding just aren’t clear, which is why I’m asking. Ugh.
Looks like you may have to set up a different type of account. Probably worth hopping on with a customer service rep for whatever brokerage you are using.
Originally Posted by Buehler445:
Looks like you may have to set up a different type of account. Probably worth hopping on with a customer service rep for whatever brokerage you are using.
Well she has an IRA and ROTH from when she worked. I’m just wondering since now she isn’t, if I can put money in those accounts for her this year. [Reply]
Originally Posted by lewdog:
Well she has an IRA and ROTH from when she worked. I’m just wondering since now she isn’t, if I can put money in those accounts for her this year.
Yeah. What’s out there is pretty unclear. Accordingly I’d hop on CS with your brokerage. It doesn’t take much to set up a new IRA. Even if you just structure it like her other one, it isn’t a huge deal. If she goes back to work you should be able to roll it and close the spousal one.
If any of that is necessary. Which appears unclear. [Reply]
Originally Posted by lewdog:
Well she has an IRA and ROTH from when she worked. I’m just wondering since now she isn’t, if I can put money in those accounts for her this year.
If you’re married and one spouse doesn’t receive compensation or makes less compensation, you can open an IRA account for the spouse making less taxable compensation than the other spouse. You can contribute up to the maximum for each spouse, as long as you don’t exceed the total compensation received by both spouses [on a married filing joint return]. When both spouses are age 50 or older, the limit is $7,000 per spouse.
Nice to see my portfolio green today. Friday was the only day green last week and Monday and Tuesday were red as well. It would be nice to string together consecutive green days again. [Reply]
Originally Posted by lewdog:
Well she has an IRA and ROTH from when she worked. I’m just wondering since now she isn’t, if I can put money in those accounts for her this year.
Tell her she needs to be your employee in order to make it work. Then inform her there's going to be an application process and interview to see if she's qualified.
If you live, please report back with how it went. [Reply]
