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How Marriage Affects Roth IRA Contributions

Posted March 31, 2023

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It’s that time of year again—wedding season. April, May, and June are notorious for being filled with springtime and early summer weddings. If you are one of the brides or grooms-to-be, you likely have a lot on your plate. You are managing the caterer, tracking down last-minute RSVPs, finalizing details, and getting the wedding day schedule planned down to the minute. That’s not to mention all the decisions you must make about life with your newly wedded spouse.

Where will the two of you live? Will you have joint bank accounts? How will you set a budget? What will you prioritize when it comes to your finances?

These are all questions that many couples grapple with as they approach engagement and their wedding. One more question that may not be at the front of your mind but is still important to consider is how marriage will affect your Roth IRA. The answer might surprise you.

So, how will getting married affect your Roth IRA that you have been so diligently nurturing for as long as you can remember?

The short and simple answer is that it won’t. Deep sigh, the wedding is still on!

Now, here’s a more detailed answer. In most cases, getting married won’t affect your ability to contribute to your Roth IRA. Even after you say “I do, “ you and your spouse should be able to contribute to your Roth IRAs just as before.

However, this changes if you and your spouse have a joint income higher than the limit for Roth IRAs set by the Internal Revenue Service. That limit increased from $204,000 in 2022 to $218,000 in 2023. If your joint income does not surpass $218,000, you can continue contributing just as you were before — up to $6,500 or $7,500 if you’re older than 50.

In addition to this joint income stipulation, there are two things to remember when looking at your Roth IRA contributions after you get married. 

First, you can’t get around these limits by contributing before your wedding date. Even if you are only married for 1 out of the 365 days a year, your marital status on the last day of the U.S. calendar year counts. So, no— there’s no point in postponing your wedding to December 30th.

The second point to remember is that you cannot get around these contribution limits by filing your taxes separately. If you are married and have lived with your spouse at any time during the year, the income limit is $10,000. This is the case even if you are filing your taxes separately.

If the wedding bells are chiming and you still have questions about your Roth IRA and how saying “I do” will impact your investments, get in touch with the team at Thayer Financial.

As a trusted fiduciary, our team works with your best interest in mind 100% of the time. You can learn more about how we can be your partner in prosperity by visiting our website and scheduling your consultation online at https://www.thayerfinancial.com/contact/ 

Thayer Financial, L.L.C. (“Thayer Financial”) is a registered investment adviser offering advisory services in the States of North Carolina, Tennessee, Texas and in other jurisdictions where exempted. Registration does not imply a certain level of skill or training. This website’s presence on the Internet shall not be directly or indirectly interpreted as a solicitation of investment advisory services to persons of another jurisdiction unless otherwise permitted by statute. Follow-up or individualized responses to consumers in a particular state by Thayer Financial in the rendering of personalized investment advice for compensation shall not be made without our first complying with jurisdiction requirements or according to an applicable state exemption.

All written content on this site is for information purposes only. Opinions expressed herein are solely those of Thayer Financial, L.L.C., unless otherwise specifically cited. Material presented is believed to be from reliable sources and no representations are made by our firm as to other parties’ informational accuracy or completeness. All information or ideas provided should be discussed in detail with an advisor, accountant or legal counsel prior to implementation.

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