Roth contributions
I’m retired and have gross business income (DBA) of roughly $9,000. Can I contribute to a Roth IRA for myself and my wife? If so what are the limits of my Roth contributions?
I’m retired and have gross business income (DBA) of roughly $9,000. Can I contribute to a Roth IRA for myself and my wife? If so what are the limits of my Roth contributions?
Permalink Submitted by Alan - IRA critic on Mon, 2021-12-06 17:03
For each spouse who is 50+, a 7000 max contribution is allowed. But since net (not gross) earnings from self employment will be less than that, total contributions for both spouses cannot exceed your net earnings less 1/2 of SE taxes paid. I assume that your SE income was earned earlier in the year prior to retirement and spouse has no earned income.
Permalink Submitted by Dean Sotirakopoulos on Tue, 2021-12-07 03:11
We,ve been retired for the entire year and no income for my spouse.
Permalink Submitted by Alan - IRA critic on Tue, 2021-12-07 12:19
Then what is the DBA income from?