Spousal Roth IRA Explained

In this video I'm talking about the Spousal Roth IRA contributions, income limits and how it works. The spousal Roth IRA uses the earned income from your spouse to make a contribution to your own Roth IRA. I'm also talking about a backdoor Roth IRA contribution if you earn too much.
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[@kunaladak9532]

Thanks for the info Travis. I had a rollover IRA (pre-tax) of $1500 from my previous company's 401k. I opened a traditional IRA and a Roth IRA for the first time. I moved that $1500 to roth IRA (on 03/15/2021) which I intend to report for tax next year. On 03/29/2021, I moved $6K (non-deductible due to high income) in traditional IRA and then immediately moved to Roth IRA on 04/05/2021. Basically between 3/15 to 3/29, there was $0 in my Traditional & Rollover IRA. Would the pro-rata rule still apply? Thanks.

[@tonya37]

Hi Travis, thanks for the video but I have a question because your video confused me a bit. I have a traditional IRA in my wife's name that I contribute in for my wife. I also have a traditional IRA for myself that I keep at $0 because I immediately do a Roth conversion because my income is close to that threshold. Are you saying since my wife has a traditional and I have a roth I will have now a taxable event? I wanted to keep hers Traditional for the tax credit and keep mine Roth to get some tax free growth. Am I doing something wrong? I thought are accounts are treated separately for coversions?

[@marlalama4513]

Do u ever hold live presentations? If yes when?

[@1Techlab]

Hi Travis. I will not be working this year. My spouse earns about 80K before deductions and contributes about 20K to her 403(b) and 7K to her traditional IRA. My question is that can she contribute to my traditional IRA account also as a spousal IRA in addition to hers. We are both 52 years old. Thanks!

[@Steven-vi5nb]

With AGI way over the $180ish limit, can a spouse make a mega back door spousal roth contribution over the $6k limit? If so, how? Thanks!

[@marlalama4513]

Thank you for all the information u give Travis

[@colinsimpier]

Could dividend or interest income be considered earned income when contributing to a spousal roth?

[@TravisSickle]

No

[@mason7875]

My Spouse has a Roth IRA but we're both retired. If I were to get a part time job, will I be able to contribute to her Roth IRA? We've always filed jointly. I do have the TSP which I no longer contribute to.

[@TravisSickle]

Likely. It depends if you are under the income limits for a Roth IRA contribution.

[@h.h.1266]

Thanks for the video! Very informative. In my situation, my wife doesn’t have any income but my income is much grater than the top limits. For my personal Roth, I do a back door conversion from my traditional IRA. I want to open a Roth for my wife - sounds like I also need to create a traditional IRA for her to do the back door? So I’ll be doing two backdoor conversions for myself and my wife - from two different traditional IRAs to two Roth IRAs. Is that how to approach it? Thanks!

[@TravisSickle]

Yes

[@h.h.1266]

@@TravisSickle Thank you! 🙏🏼

[@jay5729]

We contributed 6K to my wifes roth IRA early last year but then late in the year she did some gig work and had earned income but less than 6K, any advice about how to handle this situation?

[@TravisSickle]

spousal contributions.

[@splathub]

I’m in this situation. At the beginning of the year i contributed to my wife’s current Roth IRA. I just realized she has no earned income this year since she is now a stay at home mom. Does that count for a spousal contribution or do I have to open a new Roth IRA account or can we just use her current one?

[@TravisSickle]

You can just use her current Roth IRA. The actual contribution is just a contribution to her account. There is no special type of contribution to be done. Just as long as your income as MFJ, isn’t over the limit.

[@splathub]

@@TravisSickle great thank you for the reply. Yes I’m under the income limit and we will be filing jointing. How does the irs know if the contribution into her Roth was made by my spouse or me?.

[@ArchieFelix]

Thanks for the info Travis, but my question is: After I retire and have no earned income, Can my Wife (she'll still be working) make contributions to my Roth IRA even though she doesn't have an account herself?

[@TravisSickle]

It doesn't matter if she has a Roth IRA or not.

[@johnn8388]

Can I make spousal ira contribution for my 63 year old spouse who is drawing social security?

[@TravisSickle]

if you have the income.

[@user-ox8cy7fn3s]

Can my non-working spouse contribute to IRA if I defer all my earnings from LLC to solo 401k?

[@TravisSickle]

No, you can’t contribute more than your combined earned income

[@pbrown0829]

Can you do a spousal IRA backdoor roth?

[@TravisSickle]

Yes

[@hernandez7011]

Then what happens if you don't have any money in the traditional IRA..

[@TravisSickle]

I'm not sure what your question is. Can you rephrase it?

[@gatoborracho4572]

@@TravisSickle Your explanation about T. IRA is very confusing...

[@ellenhess3256]

If neither of you has any income other than SS and pension, then you still can not contribute to a Roth if I'm understanding this correctly.

[@TravisSickle]

Correct