Can both my spouse and I have Roth IRAs?

Answer Yes, the Internal Revenue Service states that you can contribute to both your own and your spouse's IRA up to $5,000, or $6,000 if you are 50 and over, per IRA. The limit increases to $8,000 per in... Read More »

Top Q&A For: Can both my spouse and I have Roth IRAs

Can you contribute to both Roth& traditional iras?

The Internal Revenue Service allows you to contribute to both Roth and traditional IRAs in the same year. However, the contribution limit is cumulative for the two accounts, so each $1 that you con... Read More »

How to Roll Over Traditional IRAs to Roth IRAs & Change Brokers?

Traditional individual retirement accounts are tax-deferred savings vehicles helping investors save money to supplement retirement income. The money put into traditional IRAs is pretax money and ad... Read More »

What year did the government allow regular IRAs to roll over to Roth IRAs?

Roth IRAs were formally legislated as a result of the Taxpayer Relief Act of 1997. This legislation permitted new Roth IRAs to be created for tax year 1998 as well as the "conversion" of traditiona... Read More »

What year did Westart start to allow regular IRAs to roll over to Roth IRAs?

The year traditional IRAs were first allowed to covert into Roth IRAs was 1998. This was established by the Tax Payer Act of 1997 that became effective on January 1, 1998.Source:Congressional Budge... Read More »