Allowable RIRA When investing in a 403-B
Wife is investing over her matching contribution in her 403-B acct. She is grossing 18000. Can she still contribute 6500 to a ROTH with her being 62 years old. Her net pay is only about 10 dollars a week after all her deductions of health, taxes, and contributions to the 403-B. Thanks for the reply.
Permalink Submitted by Alan - IRA critic on Tue, 2017-11-21 17:52
Her net pay is not a factor. If filing jointly their modified AGI must not be too high for a Roth contribution, and if spouse is a higher earner his earned income can be used to bring wife’s Roth contribution up to 6500. If spouse does not have earned income, the wife’s max Roth contribution is her W-2 Box 1 amount less anything in Box 11.