Married Filing Separatley – Roth IRA Question
Hello,
My wife and I were married last year in September. We filed our 2014 taxes as “married filing separately”. I would like to open up a ROTH IRA in 2015 and my AGI >$10,000. Is it possible to do so without a penalty? Or is it okay and from now on we begin to file “married filing jointly”?
Thank You
Permalink Submitted by Alan - IRA critic on Thu, 2015-05-21 16:59
If you file jointly in 2015, you can both contribute to a Roth IRA with a modified AGI phaseout beginning at 183k rather than at 0. If you file separately, any Roth contributions would be excess contributions and become subject to an annual 6% excise tax until removed.