Retirement Savings and Benefits
Questions and comments about IRAs, 401k accounts, social security, and other forms of retirement savings and benefits.
Roth IRA Contribution
Posted by: b1_lee, April 2, 2017 12:59AM
My wife W-2's Box 1 (wages,tips, other compensation) = 8000, Box 3 (social security wages) = 9000. I have no W-2. We both over 50s.

Question #1 - Our combine Roth IRA contribution cannot exceed 8000 or 9000?

Question #2 - It does not matter whether I take a larger or smaller contribution as long as both combined is less than Answer #1?

Question #3 - If my spouse does not want to contribute to Roth IRA, I can contribute up to 6500?

Question #4 - 2015 my wife has some number in W-2 Box 1 & both of us did not contribute to Roth IRAs, can we make contribution now for 2015? If so, what forms to file for our return & how to tell brokerage firm?

Re: Roth IRA Contribution
Posted by: Spirit Rider, April 2, 2017 05:19AM
1. $8,000 from W-2 Box 1. Refer to IRS Pub 590-A "What is Compensation."

2. Any combination <= $8,000.

3. Correct.

4. No, the IRA contribution must be made by your tax filing deadline. For 2016 tax year this is 04/18/17. It is 11 1/2 months too late to make one for 2015.

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