| Roth for my me and my wife? |
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bigjer25
New Member
Cash: $ 2.35
Posts: 8
Joined: 31 May 2005
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| Roth for my me and my wife? |
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Am i allowed to open a roth ira for myself and my nonworking wife? Also can i open more than one roth ira for myslef, or is the contribution limit the same regardless of how many I may have. Does the money i put into a roth ira affect how much i can put into TSP? Thanks
Jeremy
Thank you all in advance for the time and effort you give back to my concerns
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Thu Jun 02, 2005 8:22 pm |
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jlee1224
Full Member
Cash: $ 12.65
Posts: 63
Joined: 26 May 2005
Location: Baltimore
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You can have as many Roth IRA accounts as you want, but the contribution limit is cumulative, so total all your contributions and that has to be less than 4k (4500 over age 50). It's not really worth it to have many Roth IRAs, in my opinion.
To have a spousal IRA for your non working spouse:
1) The combined contributions cannot exceed combined compensation
2) You have to file a joint tax return
The above contribution limit is the same, but multiplied by 2 (8k limit, 9k if over 50).
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Mon Jun 06, 2005 3:14 pm |
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