Roth IRA
My wife and I are over 70. I work part time and earned $11,000 federally taxable gross pay in 2024. Can I deposit $5,500 in each of our Roth IRA’s. Thank you.
Terry Says
CORRECTION: And my thanks to a sharp-eyed reader for noticing this! I should have said that yes — you can contribute ALL $11,000 to two IRAs, in any combination, with the maximum of $8,000 in any one IRA (Roth or Traditional) and the second in a non-working spouse IRA.
You can put up to $8,000 in your Roth IRA — immediately for 2024. Do it right now before April 15th. But if your wife didn’t have earned income, she can’t contribute to an IRA.
