backdoor IRA with spouse
My spouse and I both work. We would like to use backdoor IRA and each contribute to maximum of 6k per year (we are under 50 years old). Do we need to establish a separate traditional IRA account each and separate ROTH IRA account each to do the conversion? Or we can use one account for traditional IRA and one account for Roth IRA. thank you.
Permalink Submitted by William Tuttle on Fri, 2021-05-21 11:00
Individual Retirement Account
Permalink Submitted by Maria Ku on Thu, 2021-05-27 18:12
It is established for one individual, cannot be joint. So you would need to set up two TIRAs and do two conversions – each to one individual’s Roth IRA, and report each on one individual’s form 8606 – two of these forms inside the same one MFJ tax return.