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Old 09-01-2012, 09:26 AM  
R8RFAN R8RFAN is offline
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Roth IRA's
i am confused, some sites say 2k some say 5k then the certain times shit... If I wanted to open a Roth Next week could I? My wife does not work, can married couples open one so I can double contributions?

Can you write off Roth IRA taxes on your taxes?

How safe are they? Tell me what you know.
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Old 09-01-2012, 09:30 AM   #2
Nightfyre Nightfyre is offline
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Roth IRAs are awesome. 5000 per person per year up to a certain income level. You cannot write off contributions because you are putting in taxed income. But when you cash out you will not have to pay any taxes on the gains.
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Old 09-01-2012, 09:31 AM   #3
R8RFAN R8RFAN is offline
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Originally Posted by Nightfyre View Post
Roth IRAs are awesome. 5000 per person per year up to a certain income level. You cannot write off contributions because you are putting in taxed income. But when you cash out you will not have to pay any taxes on the gains.

I work my wife does not, Can I put 10k a year in a Joint Roth if there is such a thing?
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Old 09-01-2012, 09:31 AM   #4
DaFace DaFace is offline
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Annual limit is $5k. You can't write off a Roth on your taxes, but they're tax-free when you eventually pull the money out while traditional IRAs can be deducted now, but you have to pay taxes when you pull them out in the future.

As for safety, they're just like any other investment account. There's no risk of the Roth system collapsing or anything like that like you see with Medicare or whatever. But you're investing, so they can be as safe or as risky as you want them to be depending on what you invest in.

[/not a financial advisor]
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Old 09-01-2012, 09:31 AM   #5
Nightfyre Nightfyre is offline
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It depends on your income as to how much you can contribute. But yes, you can put together a 10k joint Roth.
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Old 09-01-2012, 09:32 AM   #6
DaFace DaFace is offline
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Quote:
Originally Posted by R8ers View Post
I work my wife does not, Can I put 10k a year in a Joint Roth if there is such a thing?
No such thing as far as I know. You could do $5k in two of them, though.
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Old 09-01-2012, 09:33 AM   #7
DaFace DaFace is offline
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Originally Posted by Nightfyre View Post
It depends on your income as to how much you can contribute. But yes, you can put together a 10k joint Roth.
Don't think so, but I could be wrong.
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Old 09-01-2012, 09:34 AM   #8
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by Nightfyre View Post
It depends on your income as to how much you can contribute. But yes, you can put together a 10k joint Roth.
I don't make 125k per year and the wife does not work
Quote:
Originally Posted by DaFace View Post
No such thing as far as I know. You could do $5k in two of them, though.
Can a person without a job have their own Roth?
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Old 09-01-2012, 09:35 AM   #9
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Yea, maybe you can't do joint IRAs. Sorry.
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Old 09-01-2012, 09:35 AM   #10
Nightfyre Nightfyre is offline
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Quote:
Originally Posted by R8ers View Post
I don't make 125k per year and the wife does not work


Can a person without a job have their own Roth?
Since you are filing jointly, you can contribute for both of you I think.
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Old 09-01-2012, 09:36 AM   #11
lewdog lewdog is offline
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If you are over 50 can't you contribute 6k instead of the 5k?
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Old 09-01-2012, 09:36 AM   #12
R8RFAN R8RFAN is offline
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Quote:
Originally Posted by Nightfyre View Post
Since you are filing jointly, you can contribute for both of you I think.

Where is the best place to go... Brick and Mortar bank locally or online or what?
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Old 09-01-2012, 09:36 AM   #13
R8RFAN R8RFAN is offline
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Quote:
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If you are over 50 can't you contribute 6k instead of the 5k?

Thanks I am 46
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Old 09-01-2012, 09:37 AM   #14
DaFace DaFace is offline
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Quote:
Originally Posted by R8ers View Post
I don't make 125k per year and the wife does not work


Can a person without a job have their own Roth?
I believe so, but it has to be set up in a special way:

Quote:
The Spousal IRA exception

Fortunately for married couples, there is one way to make a contribution to an IRA if you don't have wages—a Spousal IRA. This is a tax-advantaged retirement account designed specifically to allow a working spouse to make contributions on behalf of a nonworking spouse. Under current laws, if you're married filing jointly, you can contribute the maximum into an IRA for each spouse—even if one of you has no earned income—as long as the working spouse has income equal to both contributions.

So let's say both you and your spouse are over 50 and want to contribute the maximum of $6,000 to each of your IRAs. Whichever one of you is working would have to have earned income of $12,000 or more to cover both contributions.

Another good thing about the Spousal IRA is that, should the non-working spouse go back to work, he or she can contribute to the same IRA. That's because, once opened, a Spousal IRA is an Individual Retirement Account like any other.
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Old 09-01-2012, 09:38 AM   #15
lewdog lewdog is offline
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Thanks I am 46
I figured you were close so I threw that out there.
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