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 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)

RELATED FAQS

  1. What option strategies can I use to earn additional income when investing in the ...

    Discover how risk-averse investors need to build a retirement portfolio. The major factors are diversification and avoiding ...
  2. What is fiduciary liability insurance, and what are its benefits?

    Understand what fiduciary liability insurance is, what companies or individuals can benefit from having it, and when it is ...
  3. Should I purchase a master limited partnership (MLP) in my retirement account?

    Learn why investors may have to pay taxes on dividends from master limited partnerships, or MLPs, held in individual retirement ...
  4. What are the tax implications of owning a master limited partnership (MLP)?

    Learn about the tax benefits of owning units in a master limited partnership, and understand how distributions are treated ...
RELATED TERMS
  1. Current Service Benefit

    The amount of pension benefit accrued by an employee who had ...
  2. Self Invested Personal Pension (SIPP)

    A tax-efficient retirement savings account available in Great ...
  3. Senior Move Manager

    Senior move managers (SMMs) help seniors downsize and relocate ...
  4. Medigap

    Also called Medicare Supplement Insurance, Medigap is health ...
  5. Elder Care

    Elder care, sometimes called elderly care, refers to services ...
  6. Gold IRA

    Definition of Gold IRA

You May Also Like

Related Articles
  1. Professionals

    5 Signs That You Have a Lousy 401(k) ...

  2. Entrepreneurship

    Why Small Business Owners Need Financial ...

  3. Savings

    Investing: How to Make Fast Money in ...

  4. Professionals

    How the Robo-Advisors Differ (& How ...

  5. Professionals

    Target Date Funds: More Popular, Cheaper ...

Trading Center