We're married and filing separate tax returns. Can we start Roths?

[Guest Carl Ryan]

We're married and file separate tax returns to save on our state taxes. Can we establish Roth IRAs for ourselves? We each have a defined benefit pension plan and a deferred compensation plan from our jobs. These would be new Roths, not IRA conversions. I've seen conflicting information.

[BPickerCPA]

You can only start a Roth if your individual income is under $10,000. Your income would need to be zero to fully fund a Roth. For MFS filers, the phase out range for Roth contributions is $0 to $10K.

[John G]

You already appear to have tapped into some of great retirement options for your situation. If at a later date, you are no longer MFS and your income is below the threshold you may be able to convert some or all your retirement assets to a Roth.

You know, if you really want to save on state taxes you might want to live in one of the 8 or so states that have no state income taxes.... such as NH, Wy, Alaska... I used to know all 8 states. Great places to make Roth conversions. The great irony for me is that I live less than 200 miles from Wyoming!