Limits on IRS contributions?
The IRS websites states:
For 2020, your total contributions to all of your traditional and Roth IRAs cannot be more than:
$6,000 ($7,000 if you're age 50 or older),
$7K for people over 50. Does that mean $7K for a couple or for each person?
- 3 weeks ago
Per person, not per couple.
- StephenWeinsteinLv 73 weeks ago
That's for each person.
- curtisports2Lv 73 weeks ago
- JudyLv 73 weeks ago
Each person. An IRA is an INDIVIDUAL Retirement Account, can never be joint.
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- GregLv 73 weeks ago
There are no joint IRAs. They are INDIVIDUAL Retirement Accounts. Each can contribute to one. New for 2019, if one spouse does not work and the couple files jointly, they can contribute to a Spousal IRA for the non-working spouse. The same limitations apply.
- Coffee DrinkerLv 73 weeks ago
Always per person.
So a married couple can do $6000 each for a total of $12,000 (or $7k each for total of $14k if both spouses are over 50)
The catch up contribution is also per person, so if one spouse is over 50 they can do $7000 but the spouse under 50 can only do $6000 in their account.
- Anonymous3 weeks ago
Each person. However, you cannot contribute anything without earned income.
So if your wife does not work, she cannot contribute.