So, 2020 ended up being a financially unpredictable year. My H had no issues keeping his job, but I finished up a masters program and wasn’t able to find a good job right away. I ended up getting a job at the end of the year and was paid for exactly 1 week of 2020 (gross pay ~2500).
Now that our income is in a good place, I want to contribute $6000 to each of our roths for 2020 before the tax filing, but I’m confused about the rules as a spouse and with the little income I earned in 2020.
We each already have open Roths that are well funded but everything I see about the nonworking spouse refers to a “spousal IRA”. Do we need to open one to make the full contribution or can we just contribute to our existing roths? Should my husband just contribute $12K?
Does anyone here know the ins and outs of spousal IRAs? We’re a fully shared money family so for me it doesn’t matter who contributes or where, I just want the max amt possible. Also, he’s in slightly more conservative holdings than me since he’s older than me and has a sooner target retirement date – that would be the only difference.
Bonus question: In 2021 we will be above the Roth limits – I read all about the backdoor roths but is there a better option after maxing our 401K?