rajivs
Feb 25, 2009, 12:24 PM
Hi
I am working in Charlotte, NC on H1B visa for the past 2 yrs. My wife is here on H4 visa and we have an ITIN for her. I am planning to open a Traditional IRA account and I came to know that the maximum contribution limit is of 5000$ for the tax year -2008.
My questions are -
1) If I open IRA jointly with my wife, will the contribution limit increase to 10,000$?
2) Can my wife contribute to the joint IRA, even though she is on H4 visa and not working? This way our contribution together will be 10,000$ and we will be entitled to a higher tax return.
I am working in Charlotte, NC on H1B visa for the past 2 yrs. My wife is here on H4 visa and we have an ITIN for her. I am planning to open a Traditional IRA account and I came to know that the maximum contribution limit is of 5000$ for the tax year -2008.
My questions are -
1) If I open IRA jointly with my wife, will the contribution limit increase to 10,000$?
2) Can my wife contribute to the joint IRA, even though she is on H4 visa and not working? This way our contribution together will be 10,000$ and we will be entitled to a higher tax return.