Advanced Underwriting Consultants

Question of the Day – November 26

Ask the Experts!

Here’s the question of the day.

Question:  My 72 year old client would like to contribute $6,000 each to a Roth IRA for himself and his spouse.  Can he do so?

Answer:   Yes, so long as he has earned income at least of at least $12,000, but the couple’s adjusted gross income is not in excess of $173,000 (for 2012).

Unlike a traditional IRA where the ability to make contributions ends once the taxpayer reaches age 70 ½, an older taxpayer with earned income is eligible to make Roth IRA contributions for himself and his spouse based on normal Roth IRA rules.

Have a question for the professionals at AUC?  Feel welcome to submit it by email.  We may post your question and the answer as the question of the day.