My wife and I have a Roth IRA that I opened several years ago before we got married. This Roth IRA is under my name. Being that you can only contribute $5000 this year for one account; we were thinking about opening another Roth IRA under her name and start contributing up to $5000 and have two Roth IRA where we could double our contributions. We have already filled our taxes this year but if we do this now could we still file our taxes next year as married??
Yes you can do that. Your income limit for a married couple filing jointly is $159,000. So as long as you're under this number, you are fine.
The "I" in IRA stands for individual so you're correct in assuming that you can not have joint accounts. Have her start one and you both can contribute the maximum. Make sure to designate a beneficiary on the accounts should you pass away.
Good luck.
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