Non-Deductible TIRA Contributions - Income minimum?

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krannerd
Posts: 117
Joined: Sat Jun 25, 2011 12:05 pm

Non-Deductible TIRA Contributions - Income minimum?

Post by krannerd »

Seeking confirmation about contributing to a non-deductible TIRA (before converting to a Roth).

Is there an income minimum for contributing? I thought the minimum income required was at least the value of the contribution made.

My personal financial situation is MFJ and I have a working spouse. Her income exceeds the MAGI limits for ROTH contributions and I plan to earn $0 this year.

Hence, we both can contribute to a backdoor ROTH because her income is >$12,000.

Please advise if I am in error.

Edit: I've been to the Wiki and was not seeing the answer to this question in the TIRA or Backdoor sections.
fabdog
Posts: 1568
Joined: Wed Jan 16, 2013 1:59 pm
Location: Williamsburg VA

Re: Non-Deductible TIRA Contributions - Income minimum?

Post by fabdog »

yes, there must be earned income to cover both spouses...in any combination.

So in your case where spouse is > $12K and yours is zero... no issue...

Now if she only had $11K and you had zero... then you only get $11K of TIra or Roth between the two of you

Mike
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