Turning 70.5 this year, can spouse still contribute to TIRA for last year? | Ed Slott and Company, LLC

Turning 70.5 this year, can spouse still contribute to TIRA for last year?

Husband has earned income for the tax year 2015 and husband is over 70.5 in 2015.
Wife turns 70.5 during the year 2016.
Can the husband make a contribution for 2015 to a Traditional IRA for the wife if the contribution is made during the calendar year of 2016 (by April 15)?

thank you

Yes. Wife can receive a spousal IRA contribution for 2015 since she will not be 70.5 until 2016. The TIRA age limits apply to the spouse whose IRA receives a contribution, not to the age of the spouse whose income is used to fund the spousal contribution.

just to clarify,Even though the wife has turned 70.5 in 2016, she can still receive the spousal contribution during 2016 (by 4/15/16) as long as it is for 2015 earnings?  

Yes. Of course, it will be a 2015 contribution even though made in 2016.

And don't overlook the opportunity for the Husband to make a Roth IRA contribution for himself 

 

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