spousal IRAs
I retired end-January 2016. I had about $20k earned income from that month’s work. I have no earned income during the remaining 11 months of 2016. During that January when I was employed, I contributed to my employer’s 401k. My wife had no earned income for all of 2016.
I would like to explore whether I can contribute to a Roth IRA for her for 2016. Do I need to provide more information for me to ask for an answer? Thank you. Douglas
Permalink Submitted by Alan - IRA critic on Sun, 2017-01-22 16:55
Douglas, as long as your joint modified AGI is less than 184k you could both make Roth contributions, or just a spousal contribution to her Roth if you prefer. These contributions cannot exceed the lesser of the amount in Box 1 of your W-2 or 6500 each if over age 50.