IRA contribution maximum?

Sherill

Member

Join Date: Feb 2006

Posts: 39
#1

IRA contribution maximum?

11-23-2009, 03:55 PM

Husband was fully retired in 2009.
Wife works only part-time.
If they wanted to max $6000 for each, does she have to make at least $12K?
(If she only has W-2 compensation of $10K, then they could each max $5K?
Am I understanding the TaxBook, pg 13-9 correctly?
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ChEAr$

Senior Member

Join Date: Dec 2005

Posts: 3872
#2

11-23-2009, 04:07 PM

Originally posted by Sherill View Post

Husband was fully retired in 2009.
Wife works only part-time.
If they wanted to max $6000 for each, does she have to make at least $12K?
(If she only has W-2 compensation of $10K, then they could each max $5K?
Am I understanding the TaxBook, pg 13-9 correctly?

Depends on age of each spouse.

ChEAr$,
Harlan Lunsford, EA n LA
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