“ is this amount the total contribution per couple? or is it the max amount that taxpayer and spouse each may contribute?”======= A combined income; for example assume that you're married and filing a joint tax return with your spouse.For such persons, the Roth IRA phase out takes effect if you earn between $169,001 and $179,000.ALSO assume that you and your spouse are 45 years old and have a combined income of $174K.So,it's clear that you're ineligible to make the maximum $5K contribution, but it's also clear that you haven't passed the $179K(as $174K<$179K) threshold for making a contribution. You need to subtract the maximum contribution income limit ($169,000) from your income;$174K - $169K = $5K.That gives you $5K. Now, divide that $5K by the phase out range of $10K ($179K - $169K) designated for your tax filing status...$5K / $10K = 50%That gives you 50%.In this case, your contribution limit is 50% of $5K, or...$2.5K.So $2.5K is the maximum amount you can contribute. |