Spousal contribution
Good afternoon all,
Husband and wife are semi-retired with pension income in 2010.
Husband’s earned income in 2010 was only $5K. Can he make a catch-up contribution to his Roth as a spousal contribution based on her earned income in 2010 since she earned more than enough to cover both hers and his contributions? They are both over 50.
Husband fully retires in 2011, wife still has some earned income.
Can 2011 contribution be made to Husband’s Roth IRA as a spouse based on wife’s 2011 earned income?
Thanks in advance,
Permalink Submitted by Alan Spross on Wed, 2011-02-02 20:47
Yes, as long as one spouse has enough earned income to cover all contributions for both, they file jointly, and their modified AGI is not TOO HIGH for regular Roth contributions, the spousal contributions can be made including catch up limits. There is no age 70.5 limit for Roth contributions like there is for TIRA contributions.