jessica779
Member
What is the name of your state? Florida
I do not do any job but my husband is employed and he makes around 35K per year. His salary is directly deposited into a bank account which is exclusively on his name. We have children going school. My husband lost a civil case few years ago but could not pay any money to the winning party (creditor) and has no plans of paying any. We spend money from my husband’s individual account for our living, and he testified the same and his bank statements support this (in fact, his salary is barely enough to run our whole family. We are living in a small mobile home).
We both have a joint bank account listed as tenants by entirety on our name and we opened it several years before the above lawsuit was filed. This joint account has several thousands of dollars in it. Court determined that the creditor cannot take any money from that joint account, after identifying that my husband did not fraudulently transfer any money into that joint account. Also I have an individual bank account on my name and it has several thousands of dollars in it. The court decided that none of that money is also fraudulently transferred by my husband.
Recently, one of my friends advised me that I can contribute up to 6 thousand dollars per year into a Roth IRA account, and my husband can also do the same, and IRA is a good way of saving money for future purposes.
Can we use the money that we have in our joint account (or in my individual account) to contribute to Roth IRA account on my name (and another account on my husband’s name)? Once again, please note that, although my husband has earned income up to 40K per year, we spend that income for our living, and my husband already testified that in the court.
I red Roth IRA details at https://www.irs.gov/publications/p590a#en_US_2019_publink1000230955 but I am still unsure if we can contribute towards Roth IRA this year from our joint accounts.
I do not do any job but my husband is employed and he makes around 35K per year. His salary is directly deposited into a bank account which is exclusively on his name. We have children going school. My husband lost a civil case few years ago but could not pay any money to the winning party (creditor) and has no plans of paying any. We spend money from my husband’s individual account for our living, and he testified the same and his bank statements support this (in fact, his salary is barely enough to run our whole family. We are living in a small mobile home).
We both have a joint bank account listed as tenants by entirety on our name and we opened it several years before the above lawsuit was filed. This joint account has several thousands of dollars in it. Court determined that the creditor cannot take any money from that joint account, after identifying that my husband did not fraudulently transfer any money into that joint account. Also I have an individual bank account on my name and it has several thousands of dollars in it. The court decided that none of that money is also fraudulently transferred by my husband.
Recently, one of my friends advised me that I can contribute up to 6 thousand dollars per year into a Roth IRA account, and my husband can also do the same, and IRA is a good way of saving money for future purposes.
Can we use the money that we have in our joint account (or in my individual account) to contribute to Roth IRA account on my name (and another account on my husband’s name)? Once again, please note that, although my husband has earned income up to 40K per year, we spend that income for our living, and my husband already testified that in the court.
I red Roth IRA details at https://www.irs.gov/publications/p590a#en_US_2019_publink1000230955 but I am still unsure if we can contribute towards Roth IRA this year from our joint accounts.
we are not hiding anything: as explained, the creditor knows about these two bank accounts already (and will eventually know about the roth IRA if we create it)
