Roth IRA Funding
A husband and wife, who both have earned income, want to fund Roth IRAs. They are planning to contribute x amount per month up to the $5,000 limit. Will the wife’s Roth IRA be affected by the fact that the money to fund her IRA will be contributed by a checking account in the husbands name only?
Permalink Submitted by tomd37 on Wed, 2010-04-21 14:49
Simply put, no.
Permalink Submitted by Anonymous (not verified) on Wed, 2010-04-21 16:41
It really does not matter. Looking at it from a different view: What if the wife gave the money to her husband in a private transaction previously? So that type of tracing is irrelevent.
The only other comment I have is that if this funding takes place as an ACH transaction the custodian might have more stringent forms to set up this transaction, since it takes money from one and puts it in another’s account.
pko