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Medical Student Roth IRA

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  • Medical Student Roth IRA

    Current MS4 going into radiology. I got married this year and my spouse just contributed to my Roth IRA. Can we do another spousal contribution come January even though I will have earned income in the second half of next year from residency? I will have no earned income until residency starts.

  • #2
    The government doesn’t care (or necessarily know) whose account it’s coming from. As long as your spouse had qualifying income then it’s kosher. You’ll have your own income next year so it’s irrelevant.

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    • #3
      I'm sure this is the case but just so you know, to do the spousal IRA, your spouse needs to have at least $12k in earned income for 2021. $6k into spouse account, $6k into your account

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      • #4
        Whether it is partial/all, spousal/own and/or excess IRA contributions, only exists when one or both spouses have insufficient IRA compensation for the year. The timing of the IRA contributions or compensation is not relevant.

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        • #5
          Thank you, all!

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