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Author: JAFO31 Big gold star, 5000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 74759  
Subject: Re: IRA Questions Date: 8/2/1999 12:12 AM
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NewFool1999/SNP: You wrote: "I am a married person and my spouse does not work. We file a joint return. My AGI is below 150,000.
I am considering opening a ROTH IRA account under my name. Here are some things I need clarified.
1. I understand that I can contribute a maximum annual amount of $2000. Given my situation can I make this account joint under mine and my spouse's name and hence contribute $4000 anually ?


No. IRA stands for Individual Retirement Account; there is no JRA.

"2. If not should I be opening another IRA ( Spousal IRA) account in my spouse's name and contribute $2000 in addition to the $2000 contribution to my ROTH IRA account?"

If you can afford it, this would be a wonderful idea.

3."Also will this spousal IRA account be traditional IRA account or Roth IRA account?"

Your choice; analysis between regular and Roth has been discussed frequently.

4."If it is a traditional IRA account, then is the contribution tax deductable given my situation?"

I believe yes, but I am no expert. I am sure the other regular posters will chime in if I am incorrect.

Hope this helps. Regards, JAFO

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