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Subject:  Re: Roth IRA Date:  9/3/1998  3:50 PM
Author:  ziggy29 Number:  5321 of 88058

>> Can I open a joint (or Spousal) Roth IRA and contribute a total of $4,000 annually to it if my wife work and I both work and receive earned compensation? Or do I have to open 2 separate ROTH IRA's at $2,000 each? <<

The latter. The rule is up to $2,000 per individual per year. That means married couples can contribute $4,000, but no more than $2,000 in the name of each individual (hence the "I" in IRA). You each must have separate IRAs -- one or more in your name and one or more in your wife's name. You each can have as many IRA accounts as you want, but the total $2,000 contribution limit per person still applies.

And as for whether she works or's no longer a consideration. Non-working spouses are no longer limited to $250 per year; they can contribute up to $2,000 just like the rat-racing working stiffs. :)

There is no such thing as a "joint IRA." A spouse may be the beneficiary of an IRA, but primary ownership is always in the name of one perso.


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