Jump to content
ATX Community

Roth IRA, business loss, MFS


Catherine

Recommended Posts

Client put $700 into her Roth IRA for 2019.  No wages.  Business loss.  Filing status is married filing separately because her divorce was not final until early 2020.

Can she still claim that contribution as a "spousal IRA" or is she hosed?  The only thing I found was that MFS uses the single limits for income phase-outs for a Roth IRA.  

Worse comes to worse she will recharacterize to a 2020 contribution and only have to get back any growth.  Annoying; her business is cyclical and every few years she goes to a slew of shows and runs up huge travel expenses.  Good thing she was planning NO travel in 2020!  So that should be a profitable year for her.

  • Like 1
Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Restore formatting

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
  • Recently Browsing   0 members

    • No registered users viewing this page.
×
×
  • Create New...