Roth IRA - Married filing jointly - How much can we contribute?

Hi,

I got married in 2010. My wife didn't work in 2010 and my 2010 income is around $100k. I'm thinking about filing our 2010 taxes jointly but have questions about how much we can contribute.

1) Is the total limit to contribute to a Roth IRA is $10,000 for us? $5,000 for me and $5,000 for her?

2) Do I create two separate Roth IRA accounts? One for me and one for her?

3) As my employer didn't allow me to enroll in their 401k plan in 2010 (new job), will I be able to contribute $10k to traditional IRA ($5k to my traditional IRA account and $5k to my wife's traditional IRA account) in addition to $10k to our combined Roth IRA accounts?

Thank you for your help!

4 Answers

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  • 9 years ago
    Favorite Answer

    Based on your earned income of 100k:

    1} yes, you may contribute up to 5K (limit for under age 50) to each of your Roth IRAs;

    2) yes, they're separate; and

    3) no, a taxpayer's total annual IRA contribution limit is - regardless of which one, or how many, you choose - 100% of earned income, of 5k, whichever is less.

    Hope that helps.

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  • 3 years ago

    Ira Married Filing Jointly

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  • Anonymous
    5 years ago

    My wife and I made about $184,000 during 2014. We are both over 50 years of age. What is the maximum we can put in a Roth IRA? Do you have to report this amount when you file taxes or does the financial insitution report it?

    • Sue5 years agoReport

      ROTH contributions are limited to what you make. If your combined income is above $181,000.00 you can not contribute directly to your ROTH account. There are loopholes, but I suggest you contact your accountant or read up on how to convert your contribution in a simple IRA to your ROTH IRA.

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  • 9 years ago

    Each person has their own IRA.

    You can contribute up to $5,000/each for the year 2010.

    Nothing more. For a couple that would be $10,000 divided into the

    two accounts.

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