A:

IRS rules prevent you from maintaining joint Roth IRA accounts. However, you may accomplish your goal of contributing larger amounts if your spouse establishes his or her own IRA.

Please note, however, that if your tax filing status in 2017 is married filing separately, you are eligible to contribute to a Roth only if your modified adjusted gross income (MAGI) is less than $133,000; however, contributions are reduced starting at $118,000.

For individuals whose 2017 tax filing status is married filing jointly, you are eligible only if your MAGI is less than $196,000; contributions are reduced starting at $186,000.

SEE: Roth IRAs Tutorial

To read more about IRAs, check out Roth vs. Traditional IRA: Which is right for you?, Roth 401(k) vs. Roth IRA: Is One Better? and Converting Traditional IRA Savings to a Roth IRA.

This question was answered by Denise Appleby
(Contact Denise)

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