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    feifeibear's Avatar
    feifeibear Posts: 4, Reputation: 1
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    #1

    Mar 14, 2006, 12:00 PM
    Credit for Roth IRA contribution
    My spouse and I are filing tax return jointly this year. Our AGI does not exceed $50,000. And we both made contribution to Roth IRA this year, $4,000 each. However, he is a full-time student. Can we take credit for the roth ira. I know he cannot. But the question if I can take credit just for my roth ira contribution.

    According to Publication 590, seems like if I am the person who is filing the joint tax return and I am not a full-time student, I can take credit for my roth ira. Am I right?

    It is somewhat confusing from the Form 8880 instruction.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #2

    Mar 14, 2006, 08:52 PM
    Feifeibear:

    You can contribute $4,000 for a ROTH IRA for yourself (since you are earning the money) and another $4,000 for your husband (as a sposal ROTH IRA).

    On Form 8880, you can take credit for your $4,000 ROTH IRA contribution only.
    feifeibear's Avatar
    feifeibear Posts: 4, Reputation: 1
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    #3

    Mar 15, 2006, 10:46 AM
    Thanks a lot! AtlantaTaxExpert
    feifeibear's Avatar
    feifeibear Posts: 4, Reputation: 1
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    #4

    Mar 15, 2006, 12:36 PM
    I still have a follow up question, on the form 8880, do I need to leave blank of spouse's contribution?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
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    #5

    Mar 15, 2006, 10:01 PM
    Yes, leave it blank. Your husband was a student and does not qualify!
    feifeibear's Avatar
    feifeibear Posts: 4, Reputation: 1
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    #6

    Mar 16, 2006, 10:46 AM
    Thank you very much
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #7

    Mar 16, 2006, 02:44 PM
    Glad to help!
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