Income requirement for spousal IRA

[Guest MSDalt]

I'm 58 and want to contribute the maximum $6K to a Roth IRA this year. To do so I must have at least $6K in taxable income. If I get laid off after earning exactly $6K, can I fund my $6K Roth IRA and fund a $6K spousal Roth IRA for my wife as well - or would I need to have $12K in taxable income to fund both?

Thanks,

Michael

[John G]

You can contribute to your Roth (up to maximum for this year) as long as your income equals or exceeds that amount.

If you and your wife (in any mix of amounts) contribute to Roths, then your combined contribution must be covered at least by a combined income of that amount.

Note, the contributions can be made now even if the income occurs later.

Dividends, interest, gifts, etc. are not "earned income" and therefore do not factor into these calculations.

[Guest MSDalt]

You can contribute to your Roth (up to maximum for this year) as long as your income equals or exceeds that amount.

If you and your wife (in any mix of amounts) contribute to Roths, then your combined contribution must be covered at least by a combined income of that amount.

Note, the contributions can be made now even if the income occurs later.

Dividends, interest, gifts, etc. are not "earned income" and therefore do not factor into these calculations.

Thanks for the reply. My wife is retired with no earned income. I had hoped that she would still be eligible for a spousal IRA even though I put my entire income into my own IRA.

Gratefully,

Michael