Spousal IRAs: What are They and Who Can Contribute to One?
Director of Retirement Education
- The spouses must be legally married and file a joint federal tax return. This includes same-sex couples.
- The spouse receiving the contribution must have less compensation, or no compensation, than the spouse making the contribution.
- The IRA account must be held in the name of the spouse for whom the contribution is made. If Gina is the working spouse and the contribution is made for George, then the IRA account must be in George’s name. George has complete control over the IRA account. He can name his own beneficiaries, invest the funds as he wishes, and take withdrawals whenever he wants.
- The maximum contribution amount for 2017 and 2018, for IRA and Roth accounts combined, is $5,500 for those under age 50 and $6,500 for those age 50 and over.
- Contributions must be in cash.
- Contributions can be made up to April 15th of the current year for a prior year.
- Contributions cannot be made for a deceased spouse.
- Contributions can be made even if the IRA owner is contributing to an employer plan.
- No contributions can be made beginning in the year the account owner turns age 70½.
- Contributions may be deductible depending on whether a spouse is covered by an employer plan, which spouse is covered by a plan, and the combined income of both spouses.
- There are income limits for making Roth IRA contributions.
- There is no deduction for a Roth IRA contribution.
Content Citation Guidelines
Below is the required verbiage that must be added to any re-branded piece from Ed Slott and Company, LLC or IRA Help, LLC. The verbiage must be used any time you take text from a piece and put it onto your own letterhead, within your newsletter, on your website, etc. Verbiage varies based on where you’re taking the content from.
Please be advised that prior to distributing re-branded content, you must send a proof to firstname.lastname@example.org for approval.
For white papers/other outflow pieces:
Copyright © [year of publication], [Ed Slott and Company, LLC or IRA Help, LLC - depending on what it says on the original piece] Reprinted with permission [Ed Slott and Company, LLC or IRA Help, LLC - depending on what it says on the original piece] takes no responsibility for the current accuracy of this information.
Copyright © [year of publication], Ed Slott and Company, LLC Reprinted with permission Ed Slott and Company, LLC takes no responsibility for the current accuracy of this information.
For Slott Report articles:
Copyright © [year of article], Ed Slott and Company, LLC Reprinted from The Slott Report, [insert date of article], with permission. [Insert article URL] Ed Slott and Company, LLC takes no responsibility for the current accuracy of this article.
Please contact Matt Smith at email@example.com or (516) 536-8282 with any questions.