Prague
Recycles dryer sheets
- Joined
- Apr 20, 2017
- Messages
- 53
Even though we ERed last year, I still do very small amount of consulting this year, and my best estimate is that my W2 earned income by end of the year will be between 2K-4K. We are currently in our early 50s, and I am curious whether/how much I and my spouse could contribute to Roth IRA given the small amount of earned income for this year (2020). According to what I read online, we are eligible to contributing 7K each person to our IRA, but it is not clear to me given the small amount of earned income, whether we can still contribute. For example, if my W2 shows a total wage (box 1) of $2,000, does that mean we can only contribute a total of $2K to Roth or we each can contribute $2K with the spousal contribution clause and brings the total contribution to $4K?