Roth IRA Contributions

[daver]

DW and I are 66 years old, retired and each received some 2022 W2 income. We file MFJ and our 2022 MAGI will be less than 204K. The taxable earned income is 18K (13K for me and 5K for DW). The question is can we both contribute 7K each to our ROTH IRAs or only 7K to mine and 5K to hers? No other contributions were made to any other IRAs, only conversions from TIRAs to the Roth IRAs. Also DW contributed pretax to her workplace 401K plan a few months in 2022.

Thanks...

 

[njhowie]

$7k each. It goes by total income, not split by individual.

 

[mrfeh]

Tangential question - what are the limits if only one person was working? The non-worker can't contribute, can they?

 

[njhowie]

Same - it goes by total income and filing status.

Yes, the non-worker can contribute up to his/her individual limit assuming total income is sufficient.

 

[sengsational]

Yep, I've maxed out the Roth for both of us, even though DW forgot to go back to work after our first kid... nearly 30 years ago.