I wasn't finding too much information on this topic via the forum search engine. My apologies if it has been covered in great detail already.
My situation:
My spouse recently retired.
I'm going to keep working for several more years.
My questions:
- As long as my income is above $12K/years, can we continue to contribute $6K/year into both of our Roth accounts?
- Most of our retirement is in tax deferred IRA/401K accounts. If my adjusted taxable income is below $72K, I'm considering withdrawing some money from my spouse's 401K account to contribute 100% to these Roth accounts (the full $12K). Is this a silly idea? Do you foresee any problems doing this?
Note: My long term plan is to do Roth conversions to bring our income up to $72K/year once I retire until we are both 70.
Thanks in advance for your thoughts and comments on this.
JP
My situation:
My spouse recently retired.
I'm going to keep working for several more years.
My questions:
- As long as my income is above $12K/years, can we continue to contribute $6K/year into both of our Roth accounts?
- Most of our retirement is in tax deferred IRA/401K accounts. If my adjusted taxable income is below $72K, I'm considering withdrawing some money from my spouse's 401K account to contribute 100% to these Roth accounts (the full $12K). Is this a silly idea? Do you foresee any problems doing this?
Note: My long term plan is to do Roth conversions to bring our income up to $72K/year once I retire until we are both 70.
Thanks in advance for your thoughts and comments on this.
JP