Can I make a Roth Contribution for my Spouse

Can you put money in your spouse’s Roth account?

You can!

But there’s a catch.

This is an easy one!

As you may know, each year a person (as opposed to a cat or dog) can put 6,000 in a Roth account, or 7,000 if age 50 or older.

Just as long as you make under a specified income amount. 144K for singles and 204K if married and have work wages equal to or greater than the Roth contribution.

But what about your spouse. Let’s say your spouse is at home raising children or watching the Wendy Williams show?

What?

Canceled?

Ok, just watching TV.

Can you make a contribution for them?

YES, you can contribute to your spouse’s Roth account just as long as you have enough work wages, and make under the income limits I just mentioned.

So, a 60 year old retired husband can deposit 7K in his Roth account as can his hard-working wife as long as they meet these requirements.

Is the back door Roth conversion...back?

Darryl and @ErinKennedy chat about the back door Roth conversion.

• What it the status of the backdoor Roth conversion

• What is a back door Roth conversion

• Is the back door Roth conversion being outlawed

• Is there risk to doing a back door Roth conversion

#getfinancialstrengthnow#retirementplanning#financialplanning#taxplanning

Make sure to visit our educational YouTube page: Get Financial Strength NOW!

A free resources for anyone who wants #financialSafety, #financialSimplicity and #financialstrength at any age or stage of their journey through life!

How Could They Forget About Taxes?

Love reading the Motley Fool. Usable, timely information; however, in a recent post they missed a biggie.

The article was titled: Retiring in 2022, ask these 3 questions.

Question 1: Do you have a retirement withdrawal strategy?

Question 2: Do you know how much Social Security you'll get each month?

Question 3: Do you have a plan to address health care costs?

But they forgot taxes.

#getfinancialstrengthnow#retirementplanning#financialplanning#taxplanning

Make sure to visit our educational YouTube page: Get Financial Strength NOW!

A free resources for anyone who wants #financialSafety, #financialSimplicity and #financialstrength at any age or stage of their journey through life!