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Is it possible for a spouse with no income to contribute to a Roth IRA? Hey everyone, I have a question about Roth IRAs. I'm married and my spouse doesn't have any income. Can they still contribute to a Roth IRA? Thanks!
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Yes, a spouse with no income can still contribute to a Roth IRA, but with some limitations. As long as the other spouse has earned income, they can contribute to a Roth IRA on behalf of the non-earning spouse. The total combined contributions for both spouses cannot exceed the annual contribution limit, which is currently $6,000 for those under 50 and $7,000 for those 50 and older. This is a great way for couples to save for retirement, even if one spouse isn't earning an income. However, it's important to consult a financial advisor to ensure you're following all the rules and regulations related to Roth IRAs.
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