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 2007 is married filing separately, you are eligible to contribute to a Roth only if your modified adjusted gross income (MAGI) is $114,000 or less.

For individuals whose 2007 tax filing status is married filing jointly, the limit is $166,000.

To read more about IRAs, check out Roth Or Traditional IRA … Which Is The Better Choice?, Roth IRA: Back To Basics and Making Spousal IRA Contributions.

This question was answered by Denise Appleby
(Contact Denise)

Hot Definitions
  1. Subprime Auto Loan

    A type of auto loan approved for people with substandard credit scores or limited credit histories. There is no official ...
  2. Racketeering

    A fraudulent service built to serve a problem that wouldn't otherwise exist without the influence of the enterprise offering ...
  3. Federal Debt

    The total amount of money that the United States federal government owes to creditors. The government's creditors include ...
  4. Passive Management

    A style of management associated with mutual and exchange-traded funds (ETF) where a fund's portfolio mirrors a market index. ...
  5. Series 7

    A general securities registered representative license administered by the Financial Industry Regulatory Authority (FINRA) ...
  6. Compound Interest

    Compound Interest is interest calculated on the initial principal and also on the accumulated interest of previous periods ...
Trading Center