Question: what is the maximum a married couple can earn and be eligible to put money into an IRA?

- Clara Ortiz

Mesa

Answer: There are two types of IRAs. with a traditional IRA, you typically invest pretax dollars and pay taxes on all withdrawals at retirement. with a Roth IRA, you invest after-tax dollars and all earnings are tax free at retirement.

Everyone can contribute up to $5,000 per year to either IRA, with an extra $1,000 per year if 50 or older. If not covered by an employer-sponsored plan, there is no income limit to make deductible contributions to a traditional IRA.

If both spouses are covered by an employer plan, full deductibility is capped at $89,000 of income and phased out at $109,000. If married filing jointly, your income must be less than $167,000 to make a full contribution to a Roth IRA.

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IRA rules vary based on income