Contact UsWithdrew 7500 from Roth IRA temporarily. Put max of $5500 back in. Can I put in the remaining $2000 in because I am married filing jointly?
Married filing jointly. Never contributed anything under my wife's name. Vanguard Roth IRA is in my name and only lets me put in 5500 per year. If I go in Turbotax and report 2000 contributed to my wife's Roth IRA, it does not change the tax and penalty on the $2000.
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Tax Professional Answers
John Stancil
If you replaced the funds withing 60 days of withdrawal, you are allowed to treat the entire $7,500 as a rollover. If not, you can contribute $5,500 to your Roth and $2,000 to hers - assuming that you both meet the qualifications.
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322 weeks ago
Question Owner
Thanks, John. Does she have to have a separate Roth account for this to work? I can't just put $11,000 into our only account, correct?
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322 weeks ago