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URL:  https://boards.fool.com/greetings-piraino-and-welcome-you-asked-10582195.aspx

Subject:  Re: Roth IRA Question Date:  2/7/1999  9:55 AM
Author:  TMFPixy Number:  8390 of 106142

Greetings, Piraino, and welcome. You asked:

<<Under IRS rules, can a couple filing Married-Jointly contribute $4,000 a year to one IRA account jointly owned by both spouses, or, would the husband have to own one, the wife own the other, and contribute $2,000 each to each of them, or, are they both limited to only a $2,000 contribution each year? I'd appreciate any help!>>

The key word in Individual Retirement Account is the first one. No one can be a joint owner with another person on an IRA. A couple with sufficient earned compensation may contribute up to $2K each to their separately-owned IRAs for a total contribution of $4K for the couple, but they cannot contribute $4K to one jointly-owned IRA.

Regards…..Pixy

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