My wife and I are newly married and are lucky to be making enough to have a small amount left to make in investments on a monthly basis. We're both employed full time and in our early twenties. I talked to a financial adviser prior to getting married and I started making Roth IRA contributions. I know there is a cap at $5,500, but what about married couples?
I would assume that a married couple could contribute double that amount because they could be considered two individuals, but Google searches seem to say otherwise. I can't find a definite answer on this. Is my wife able to open her own Roth IRA account and deduct from her own bank account to her own limit of $5,500? How would this affect our tax returns at the end of the year?