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)

Hot Definitions
  1. SEC Form 13F

    A filing with the Securities and Exchange Commission (SEC), also known as the Information Required of Institutional Investment ...
  2. Quantitative Easing

    An unconventional monetary policy in which a central bank purchases private sector financial assets in order to lower interest ...
  3. Risk Averse

    A description of an investor who, when faced with two investments with a similar expected return (but different risks), will ...
  4. Indirect Tax

    A tax that increases the price of a good so that consumers are actually paying the tax by paying more for the products. An ...
  5. Zero-Sum Game

    A situation in which one person’s gain is equivalent to another’s loss, so that the net change in wealth or benefit is zero. ...
  6. Beta

    Beta is a measure of the volatility, or systematic risk, of a security or a portfolio in comparison to the market as a whole. ...
Trading Center