roth transfer
My wife has roth that was opened before we were married and I the same .. Can we transfer them into one account ? will it count as a contribution for that year? We are both over 50 can we contribute 6,000 each for a total of 12,000 ?
My wife has roth that was opened before we were married and I the same .. Can we transfer them into one account ? will it count as a contribution for that year? We are both over 50 can we contribute 6,000 each for a total of 12,000 ?
Permalink Submitted by tomd37 on Sun, 2011-02-06 03:52
The Roth IRAs are “individual” retirement accounts and cannot be combined. You can contribute up to $6,000 in each of the separate accounts assuming you have earned income to support the contribution amount.
Tom D.
Permalink Submitted by Alan Spross on Sun, 2011-02-06 20:20
Tom is correct.
Note that if you made Roth contributions in the year you were married or years thereafter, you are considered married the entire year and the modified AGI limits are combined for joint filers. And if you filed married/separate for any such years, the income limit is slashed to 10k for each of you. Good idea to check to be sure there is no excess contribution.
If one spouse is not working, a spousal contribution can be made for the non working spouse using the income from the working spouse. Total earned income must be at least as much as the combined contributions.