Roth contribution
Client had 10K of earned income. Spouse has 0.
Can client contribute maximum Roth contribution? Can spouse contribute maximum Roth contribution? They are married filing joint. They have real estate income and disability, but those do not count. Essentially, can they each put in $7,500 for 2023 even though one spouses income is only 10,000?
Permalink Submitted by Clare Fazackerley on Thu, 2024-03-21 23:54
No, limited to earned income, so $10K split however they like. Assuming of course, total income is below phaseout range.
Permalink Submitted by michael steinebach on Fri, 2024-03-22 02:55
great thank you!