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Investing/Strategies / Retirement Investing
|Subject: Re: Simple IRA Questions?||Date: 11/15/1998 2:59 AM|
|Author: TMFPixy||Number: 6614 of 77123|
<<Does my wife's contribution to her Traditional IRA have to come from her earnings (she has none!) or can it come from my earnings?>>
She needs no earnings as your spouse. You, though, must earn at least $4K per year so both you and she may contribute to an IRA. Hers will be deductible and yours won't.
<<Lastly... assuming an AGI of $105,000 (married filing jointly), what I'd like to do is contribute the deductible $2k into my wife's Traditional IRA and also set up a Roth in my name and contribute to that. Is this feasible? What is the maximum I'd be able to contribute to the Roth each year? >>
It's all feasible and possible. The maximum either of your may contribute is $2K per year.
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