Author Topic: Roth IRA Question: Spousal IRA question regarding PT Job  (Read 1359 times)

GardenFun

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Roth IRA Question: Spousal IRA question regarding PT Job
« on: October 05, 2014, 02:30:35 PM »
This fall, I recently started a PT job in the school cafeteria.  Husband makes enough money to fund both IRA's.  I will make approx. $1500 by the end of the year.

We both do monthly contributions into Roth IRA's, me using the spousal IRA allowance.  However, does this $1500 cause an issue?  I went on the IRA website and tried to read their legal-speak, but couldn't get a firm answer with my example above.  All examples use zero SAHM income. 

From what I can figure, since my husband makes more than $11K, we should be able to max out both our Roth IRAs (we're in our 30s).  Just looking for someone to clarify this thinking is correct.

Thanks in advance! 
« Last Edit: January 14, 2015, 03:47:54 PM by GardenFun »

GGNoob

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Re: Roth IRA Question: Spousal IRA question regarding PT Job
« Reply #1 on: October 05, 2014, 03:57:28 PM »
I think all that matters is that you are filling jointly for your taxes and that the total income is more than $11k.

wtjbatman

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Re: Roth IRA Question: Spousal IRA question regarding PT Job
« Reply #2 on: October 05, 2014, 05:31:27 PM »
Like Logan said, all that matters is that you are filing jointly. That's where the whole "spousal IRA" concept comes from. You're filing together, therefore it's both your income, so you can both contribute to IRA's.