Question

Your clients, Carmello and Leslie (ages 34 and 35, respectively) are married and want to contribute to a Roth IRA. In 2019, their AGI totaled $42,000 before any IRA-related transactions. Of the $42,000, Carmello earned $35,000 and Leslie earned $7,000. How much can each spouse contribute to a Roth IRA if they file jointly? How much can each spouse contribute to a Roth IRA if they file separately?

Answer 1

As per rules roth ira limit for 2019 is

For married filling jointly/ Single

Income Upto 193k full amount that is 6000 can contribute to roth ira

For married filling separately

Income 0k-10k. Reduce amount to allowed to roth ira,. But if income more than 10k no contribution allowed.

for married filling seprately Roth IRA limit a - upto 193k full limil ie bora upto tako 193 k-203k a reduced amord here. Carmello and larlie his joint Income filling jointly ý $42000 beste puts m ed hence $6000 they can contibute to noth TRAG For married limit filling seprakely a o- lok a reduced amount aboue. lok no contribution allowed hence here. contribut Income is Carmello can't allowed to rath IRA because his more than $10k. 2 3002 limit te loop - 3, Bas Lestie - 6o XD-3 3,000,000 =0.3. 18.00 i = 6000 -18 00 Contribution allowed Hente terlie can consibute $4200 to oth IRA