If you got divorced this year, you might be wondering how that will affect your Roth IRA and that of your partner. The simple answer? It won’t.
The (slightly) more complicated answer is that you will now be filing taxes as a single person (unless you get remarried, of course), but your contribution limits for Roth IRAs will stay the same. The limit is $6,000 per year each in 2021 and 2022 for those under age 50.1
The only slight complication is that you’ll need to recheck the Roth IRA income limits, because if you were the primary earner in your marriage you might now be above the individual income limit.
In this article, we’ll show you how to work that out.