r/personalfinance • u/panicattheadulthood • 8h ago
Roth IRA as a (mostly) stay-at-home mom Retirement
I need a bit of help trying to figure out if I'm eligible to open a Roth IRA and how much I can contribute. I'm a stay-at-home mom, however at the beginning of the school year I picked up a very part time job. I'm maybe making a couple hundred a month max, like I said it is VERY part time, it's just something to get me out of the house a bit. Everything I've read the verbiage is just a little confusing, from what I can tell I can open a Roth IRA, I'm just not sure how much I can actually contribute. We file taxes jointly. Can I only contribute what I myself actually make, or can I go off our tax filing and include my spouses income and in turn contribute the max amount allowed annually? Any insight is much appreciated!
7
u/Slowissmooth7 8h ago
It’s pretty normal for the SAH person to essentially use spouse’s money to max out an IRA. There may be other limits; without looking it up right now, I think the married income cap for contributing to Roth is around $240k.