Backdoor Roth IRA for spouse

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  • Avatar Stone122122 
    Status: Physician
    Posts: 4
    Joined: 08/08/2019


    Newbie questions –

    I started a new job and have my 401K at Vanguard. I have my personal Roth IRA at Merrill Lynch, but my husband (to my surprise) never started / does not have a Roth IRA. I’m learning more about finance and considering ditching ML and switching to Vanguard. To that end, I want to start contributing money to a Roth IRA for him and considering starting it at Vanguard.

    1) Can I use my login / username / account at Vanguard to create a Roth IRA for him? Or do I have to create a new account with his information? In other words, is there a way to link accounts for a married couple (two different people) under one user name?

    2) My accountant applied for a delay for our taxes this year (2019). Can I still make a contribution to his Roth IRA for 2018 and this year (2019)?


    #245382 Reply
    Avatar Peds 
    Status: Physician
    Posts: 4405
    Joined: 01/08/2016

    dont consider. just do.

    no, individual.

    no. april.

    #245386 Reply
    jfoxcpacfp jfoxcpacfp 
    Status: Financial Advisor, Accountant, Small Business Owner
    Posts: 8113
    Joined: 01/09/2016
    1. This is an custodian (being Vanguard) question. You may be a able to set up a Roth for your hubs using your login creds’ – start the process and see if it allows you to do so. May be possible since you can open accts for your kids in their SSNs, but you may have to contact support. I would at least try, as it seems you will be the one to manage the account. Two logins is kind of a hassle.
    2. SEP IRAs are the only retirement acct I know of that allows you to open for the prior year after the initial due date of filing your income tax return. As @peds said, you’re stuck with 2019 for hubs.

    Johanna Fox Turner, CPA, CFP, Fox Wealth Mgmt & Fox CPAs ~ ~ [email protected]

    #245407 Reply

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