Skip to main content
No. of Recommendations: 0
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
Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.