Spousal IRA
Hello again,
I am looking for clarification on spousal IRA contribution rules.
For example,
Husband has earned income of $10,000. Wife has no earned income.
Is the husband required to make an IRA contribution before the wife?
In other words (if the husband chooses not to make an IRA contribution) is the wife eligible to make an IRA contribution?
Thank you.
Permalink Submitted by Alan - IRA critic on Wed, 2013-02-20 20:08
Yes, the wife is still allowed to make a spousal contribution using husband’s earned income even if husband does not contribute. And if the contribution is to a traditional IRA, the spouse receiving the contribution must not have reached 70.5, but the spouse with the earned income could be over 70.5. This contribution may or may not be deductible.