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IRA Question

Q: I’m not eligible for my company’s 401(k) yet, so I’m contributing to my own IRA. I’m married and we file jointly. We are both over age 50. Does the $6,500 limit apply to both of us together or just me? I can’t tell the answer from the IRS website and I don’t want to get hit with excess contribution penalties

A: The IRA contribution limit applies to the individual, therefore both you and your wife are eligible to contribute $6,500 each to your own IRAs.


 

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