What is Maximum contribution to an IRA for married couple?

Answer 1

In 2010 (unless congress changes the law), the maximum per spouse is $5000 if under age 50 at year end and $6000 if 50 or older at year end.

HOWEVER, there are quite a few additional variables. For instance, if either spouse participates in an employer-sponsored plan during the year, then there are income restrictions on how much of that is deductible - if you make over a certain amount, you don't get to deduct some or all of the contribution. That's for a Traditional IRA. For a Roth IRA you don't deduct the contribution in any case, and it has higher income restrictions and contribution to an employer sponsored plan is irrelevant. Whether you file separately or jointly also impacts how much you can deduct. Also, you can only contribute earned income, so if you made less than $10,000 as a couple, you cannot contribute the full $5000 each to an IRA (even on a non-deductible basis.

The above list of variables is not comprehensive. Although I understand many of the rules, I don't feel qualified to try to put together such a list. I'd recommend contacting a financial planner, estate planner or accountant (depending on your exact situation) unless you have some other resource that you feel confident addresses your specific situation. For many couples, it is in fact as simple as you can each contribute $5000.