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Thread: Spousal ROTH IRAs

  1. Junior Member
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    #1

    Spousal ROTH IRAs

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    Has anyone got any experience with them? We had decided to max out a regular ROTH and then contribute the rest of the the year to the ROTH TSP account, however, I just read up about spousal IRAs and was thinking we could max a ROTH out for my husband and myself and then contribute the rest towards his ROTH TSP account. I see that the maximum a year for each (my husbands and the spousal) is $5,000 ($10,000 total) and my husband can set it up for me as I am a non-working spouse. Once I start working again then I would be able to take it over and contribute myself?

    Also, we are looking for recommendations on who to go through for the ROTH IRAs. As I've said in previous threads, we are a little clueless with investing and would love a firm that could guide and help us. Thanks!

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  2. Navy Wife Extraordinaire
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    #2
    As a non-working spouse you can have an IRA and the working spouse can contribute to it on your behalf. You both can fund each account to the limit for 2014 which is $5500 each (not $5000, the limit was raised last year). Once you are working you can make your own contributions to the account. I work for an investment firm and spent about a year in the retirement department, I love answering retirement questions
  3. aka Milfon2Wheelz
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    #3
    Quote Originally Posted by katiebee View Post
    As a non-working spouse you can have an IRA and the working spouse can contribute to it on your behalf. You both can fund each account to the limit for 2014 which is $5500 each (not $5000, the limit was raised last year). Once you are working you can make your own contributions to the account. I work for an investment firm and spent about a year in the retirement department, I love answering retirement questions
    listen to her
  4. Junior Member
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    #4
    Quote Originally Posted by katiebee View Post
    As a non-working spouse you can have an IRA and the working spouse can contribute to it on your behalf. You both can fund each account to the limit for 2014 which is $5500 each (not $5000, the limit was raised last year). Once you are working you can make your own contributions to the account. I work for an investment firm and spent about a year in the retirement department, I love answering retirement questions
    Thanks Any suggestions of who is good to go through? There are so many firms out there that it's hard to know where to go!

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