Spousal IRA
I had a question about spousal ROTH IRAs.
If your spouse has a ROTH IRA that was funded for previous years while they were working. Now they have worked but let’s say they have not earned enough to to meet the limit they can just make a spousal Roth IRA contribution as long as taxes are filled jointly and the spouse has earned the require wages to make up the difference.
To do a spousal ROTH IRA contribution does a new account have to be opened that those contributions go to or can they just be made to the existing ROTH IRA the spouse already has previously contributed to?
Would your answer be the same for a Spousal Traditional IRA?
Thanks.
Permalink Submitted by Alan - IRA critic on Fri, 2021-10-15 01:36
A spousal contribution can only be made for the spouse with the lower earned income. But the total contributions for both spouses cannot exceed their total earned income. If they both are not working or generating self employment income, there is no earned income to support any contribution.
A spousal contribution can be made to any Roth IRA account for the spouse receiving the contribution.
Same for a TIRA spousal contribution.