Dh has a 403B at work. I am not employed;we're in our late 50's-early 60's.
1. Can we each open a Roth IRA?
2. Can we contribute now ('til 4/15/07)a lump sum for '06?
3. What's the maximum we can contribute for '06?
1. You can each open a Roth IRA if your modified AGI is less than $160,000. If your modified AGI is between $150,000 and $160,000, you can contribute a reduced amount.
2. You have until April 17, 2007 to contribute to a Roth or traditional IRA for 2006.
3. The maximum contribution to IRA's for 2006 for anyone who is over the age of 50 is $5,000 ($4,000 in regular contributions and $1,000 in "catch up" contributions). You cannot contribute more than your earned income between your and your husband's IRA's.
Hope this helps.
Here is a link that might be useful: IRS info on Roth IRA's
Thank you VERY VERY much, Jlhug. I've plowed through pages and pages of online info., just trying to get an answer to those 3 questions.