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Author: ptheland Big gold star, 5000 posts Feste Award Nominee! Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 121061  
Subject: Re: Filing Amended return in TT Date: 4/9/2007 12:15 AM
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MFJ's that fall in the phaseout range, are their limits collective for all accounts or is the limit split between each account.

You can split your individual contributions between as many accounts as you care to track.

If my limit is $7,000, can I put $4000 into spouse's account and $3000 into mine, or must I put a maximum of $3500 into each?

Your limit can't be $7000. The max into any one IRA is $5000 (if you're over 50). You have to calculate each spouse's contribution limit separately, then make sure each spouse does not exceed that limit.

This will let me know if I have to make withdrawals from two accounts or only one.

Sounds like you're going to have to take a little bit out of each spouse's account.

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