I and my wife file our taxes jointly. Our combined AIG for year 2009 is within IRS limits on maximum allowable contribution. How much can both I and my wife contribute in our individual ROTH IRA accounts? Is the amount 5000 for each i.e. 10000 total for year 2009 or is it 5000 in total as we file jointly. Please suggest.
To enter a coupon code in your post please enter the following info:
Coupon Code:
Coupon Offer:
Merchant:
Expires (optional):
Restrictions (optional):
saving...
Quick Summary is created and edited by users like you... Add FAQ's, Links and other Relevant Information by clicking the edit button in the lower right hand corner of this message.
This is what confused me --> For the year 2009, married individuals who file jointly can contribute $5,000 ($6,000 if 50 or older) to a Roth IRA if their modified adjusted gross income (MAGI) is below $166,000.
mrdelhiite said:Thanks a lot for your quick reply.
This is what confused me --> For the year 2009, married individuals who file jointly can contribute $5,000 ($6,000 if 50 or older) to a Roth IRA if their modified adjusted gross income (MAGI) is below $166,000.
kloakndaggers said:what is your spouse is self employed and has individual 401k. can she max out the individual 401k and 5k into ira? The IRA 5k limit is independent of whether and what you put in your 401k.
mrdelhiite said:I and my wife file our taxes jointly. Our combined AIG for year 2009 is within IRS limits on maximum allowable contribution. How much can both I and my wife contribute in our individual ROTH IRA accounts? Is the amount 5000 for each i.e. 10000 total for year 2009 or is it 5000 in total as we file jointly. Please suggest.I and my wife each contribute $5,000 per year.
Disclaimer: By providing links to other sites, FatWallet.com does not guarantee, approve or endorse the information or products available at these sites, nor does a link indicate any association with or endorsement by the linked site to FatWallet.com.
thanks a lot for pointing it out to me 
