Roth IRA

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  • Bird Legs
    Senior Member
    • Jun 2005
    • 990

    #1

    Roth IRA

    Client and wife are both over 70 1/2 yrs. of age. He does some carpentry work.
    Had a profit of about $1800. in 2005, after all expenses. He can contribut that amount
    to a Roth IRA. Can his nonworking spouse also contribute to a Roth IRA for 2005?
    All responses will be appreciated.
  • veritas
    Senior Member
    • Dec 2005
    • 3290

    #2
    page 13-4 of the tax book

    Roth Ira under qualifications says yes

    Comment

    • Brian EA
      Senior Member
      • Dec 2005
      • 786

      #3
      His total contribution will be $1800. Split it any which way you want
      Everybody should pay his income tax with a smile. I tried it, but they wanted cash

      Comment

      • Mark Goldberg
        Senior Member
        • Jun 2005
        • 187

        #4
        Hoss is right on

        Roth can't exceed earned income on the return. So $1800 is the max. Can split however you want between the spouses.

        Comment

        • veritas
          Senior Member
          • Dec 2005
          • 3290

          #5
          Mark and Brian are correct.

          Comment

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