IRA Contribution Limit Question

[BooBoo]

I will get a W-2 this year for about $4500. My wife has no income except from social security. I would like to contribute $4500 to my Roth IRA. Can she contribute $4500 to her Roth IRA ?



Thank you for your responses,


Boo

 

[Philliefan33]

If your only earned income is the $4500 W-2, then the max combined contribution into IRAs is $4500. All to yours, all to hers, or some combo.

 

[gauss]

+1 to Philliefan33

Combined contributions must be less than or equal to the total of the compensation (ie w2s in this case) for a married couple and also of course less than the maximum per taxpayer dollar limit.

 

[kannon]

SS not considered earned income for IRA purposes.