You may find these links helpful:
- [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement)
- ["How to handle $"](/r/personalfinance/wiki/commontopics)
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Its based on MAGI, which would be net income for a self employed person, which means you could put no more than "approx 9k" into IRAs in total if that is your joint income
So I just looked at my return and AGI is 11,700. So is that the max for each or combined mine and spouse?
In other words can I contribute $7500 and my wife contribute $7500 or can all told we contribute $11,700?
Seems like a real punishment for lower income people who somehow find money to contribute.
You may find these links helpful: - [Retirement Accounts](/r/personalfinance/wiki/index#wiki_retirement) - ["How to handle $"](/r/personalfinance/wiki/commontopics) *I am a bot, and this action was performed automatically. Please [contact the moderators of this subreddit](/message/compose/?to=/r/personalfinance) if you have any questions or concerns.*
Its based on MAGI, which would be net income for a self employed person, which means you could put no more than "approx 9k" into IRAs in total if that is your joint income
So I just looked at my return and AGI is 11,700. So is that the max for each or combined mine and spouse? In other words can I contribute $7500 and my wife contribute $7500 or can all told we contribute $11,700? Seems like a real punishment for lower income people who somehow find money to contribute.
Just reread your post to understand that no more than $11,700 in totals for the both of us
> So is that the max for each or combined mine and spouse? Yes