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October 30, 2023
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How do I fix an excess contribution to ROTH IRA for my spouse?

  • October 30, 2023
  • 1 reply
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In 2022 my wife contributed $7,000 to a ROTH IRA, but she only earned $6,000. How do I fix that?

    Best answer by dmertz

    Did you file Married Filing Jointly and you had more than $6,000 of compensation?  If so, and the total IRA contributions between you and your spouse did not exceed the total compensation between the two of you, the contribution is a permissible spousal contribution (subject to the MAGI limitations on the eligibility to make a Roth IRA contribution).

    1 reply

    dmertzAnswer
    Employee
    October 30, 2023

    Did you file Married Filing Jointly and you had more than $6,000 of compensation?  If so, and the total IRA contributions between you and your spouse did not exceed the total compensation between the two of you, the contribution is a permissible spousal contribution (subject to the MAGI limitations on the eligibility to make a Roth IRA contribution).

    lkeenerAuthor
    October 30, 2023

    Thank you. That is good to know. Yes, my income is more than the combined limits for both of us.

    Employee
    October 30, 2023

    To be clear, only compensation from working counts, not other income.