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Can my wife and I both open a roth ira and contribute $6,000 each since we're both older than 50 by using a $15,385 distribution (20% fed withholding and 2% state) funds from my 401k? I am 59 and unemployed and the year I was laid off was the year I turned 55. My wife works part time and has earned income that is greater than $12,000.


The BIDaWIZ Team's Answer:

We believe that you can both contribute to a Roth IRA the maximum $6,000 each. She could open a Spousal Roth IRA on your behalf, but note that the most that can be contributed for the year is the smaller of the 1) $6,000 if you are age 50 or older), or 2) the total compensation includible in the gross income of both you and your spouse for the year, reduced by any contributions for the year to a Roth IRA on behalf of your spouse. Therefore, if her total income was $12,000 or more, you shouldn't have any problems per IRS publication 590.

The BIDaWIZ Team



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