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sandra426 t1_j2do4mt wrote

Contribute $500 per month or max $6000 per year to a Roth IRA. You can still contribute for 2022 until April 15, 2023. You can contribute to a Roth IRA under your husbands income. You cannot contribute to a traditional IRA because you yourself have no earned income. You can do this at a bank or online or at a financial advisement company. Rates will vary but are generally very low for this. You can also make an appt w a fiduciary advisor at a bank or elsewhere. This will be free.

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DeluxeXL t1_j2dttta wrote

> You cannot contribute to a traditional IRA because you yourself have no earned income.

This is wrong. Each spouse can contribute to traditional or Roth IRA as long as the joint taxable compensation (W-2 from both spouses combined) exceed the contributions.

If OP contributes to traditional IRA, the tax deduction reduces the joint income as well.

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flowerssmellnice OP t1_j2dp8qg wrote

So can wewe contribute $12k/year since it is joint? My husband already maxes out his contribution

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bros402 t1_j2dtdr2 wrote

You can put 6k in yours, he can put 6k in his

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sandra426 t1_j2dpr6e wrote

My understanding is that he can max out his 401K or traditional IRA contribution and then you can each contribute $6000 for a total of $12K/year to a Roth IRA. BTW, if you were to split up, you would be entitled to half of his 401K earnings since you didn’t work during the marriage.

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bowoodchintz t1_j2e3lyt wrote

He can max out his 401(k) AND ( not or) an IRA, AND she can max her own IRA, also known as a spousal IRA, for a total of $12,000 in combined IRA contributions.

Also, she would not be automatically entitled to half of his 401k earnings in a divorce. I’ve noticed you are giving advice that is incorrect, more than once. Please consider deleting or editing your comments, they could negatively impact others, and perpetuate poor understanding of personal finance.

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sandra426 t1_j2dpwa9 wrote

And try not to think of the Roth IRA as joint. All IRAs are individual accounts.

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