Announcement

Collapse
No announcement yet.

Backdoor Roth for Myself AND My Wife?

Collapse
X
 
  • Filter
  • Time
  • Show
Clear All
new posts

  • Backdoor Roth for Myself AND My Wife?

    I have a backdoor Roth IRA I opened in 2014 and have contributed to each year since.  Is it possible to also contribute money in a backdoor roth for my wife?  Vanguard only let's me put 5500/year in it, so I know I can't use that same account.  Does that mean I need to open a second Vanguard account just for my wife?

  • #2
    Yes to all, if you file jointly and the account is in her name/SSN. See IRS guidance on "Spousal IRA."

    Comment


    • #3
      Http://www.irs.gov/pub/irs-pdf/p590a.pdf page 9

      Comment


      • #4




        I have a backdoor Roth IRA I opened in 2014 and have contributed to each year since.  Is it possible to also contribute money in a backdoor roth for my wife?  Vanguard only let’s me put 5500/year in it, so I know I can’t use that same account.  Does that mean I need to open a second Vanguard account just for my wife?
        Click to expand...


        As DMFA said, all yes's. Before starting one for your wife, make sure she does not have any pre-tax IRAs in her name or you (she) will be subject to the pro-rata rule and the transaction will be taxes. If your wife d/n work, you must have at least $11k of earned income to max out for both of you. (I feel silly saying that to a physician but I never know who else may be reading this thread :-))
        Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

        Comment


        • #5
          IRAs are always individual. You actually each fill out an 8606 for your taxes.
          Helping those who wear the white coat get a fair shake on Wall Street since 2011

          Comment


          • #6


            IRAs are always individual. You actually each fill out an 8606 for your taxes.
            Click to expand...


            You will file one 8606 form listing each spouse in separate columns.
            Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

            Comment


            • #7





              IRAs are always individual. You actually each fill out an 8606 for your taxes. 
              Click to expand…


              You will file one 8606 form listing each spouse in separate columns.
              Click to expand...


              What? Where's the separate column?

              https://www.irs.gov/pub/irs-pdf/f8606.pdf

              Read the first box, let me quote:

              Name. If married, file a separate form for each spouse required to file Form 8606. See instructions
              Helping those who wear the white coat get a fair shake on Wall Street since 2011

              Comment


              • #8








                IRAs are always individual. You actually each fill out an 8606 for your taxes. 
                Click to expand…


                You will file one 8606 form listing each spouse in separate columns.
                Click to expand…


                What? Where’s the separate column?

                https://www.irs.gov/pub/irs-pdf/f8606.pdf

                Read the first box, let me quote:

                Name. If married, file a separate form for each spouse required to file Form 8606. See instructions
                Click to expand...


                you are SOOOOOO right :-) The worksheet in our software has 1 column for each spouse and I was thinking about that. Mea culpa!
                Working to protect good doctors from bad advisors. Fox & Co CPAs, Fox & Co Wealth Mgmt. 270-247-6087

                Comment

                Working...
                X