AboutDavid M Iannopollo Expertise I am a professional financial advisor who can assist you with answers on mutual funds, annuities, IRA's, rollovers, qualified and non-qualified retirement plans, retirement planning, educational planning, life, disability and LTC insurances.
Experience I have over 20 years experience in the business and financial world.
Question Husband and wife makes about 180K gross. What calculation do we use in order to apply for roth ira. After all the deductions, we probably only make about 130-140K. Are we eligible to contribute and how much?
Answer Hi Eva,
If your AGI (adjusted gross income) is below $159k, you will be eligible to fully fund a Roth IRA. So if your AGI is $130-140, your eligible.
Contribution limits are $5000 annually for those under age 50, or $6000 if over age 50. So combined you and your husband can contribute $10k or $12k depending on your age
