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Reply to "Question regarding Roth contribution limits for married filing jointly"
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[quote=Anonymous]Our yearly HHI in previous years hasn't reached 200K per year, so I was always maxing out my yearly Roth IRA contribution without worrying about overcontribution penalties. We file taxes - married jointly. My spouse who is older and already retired but works part-time now ( he is 63). He is receiving SSN, pension and has income from his part time job. My yearly income is 130K gross , and I max out my 401K. With our combined income we are close to 230K or so. I just want to make sure that before I max out my ROTH for this year, I won't have to pay penalty for overcontributing to Roth. My question is: does my spouse's SSN or pension count toward overall income for purposes of contributing to Roth? I also have heard that I can lower MAGI by maxing 401K.[/quote]
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