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spousal IRA

QUALIFIED CHARITABLE DISTRIBUTIONS AND SPOUSAL IRA CONTRIBUTIONS: TODAY’S SLOTT REPORT MAILBAG

Question: Can I make a qualified charitable distribution (QCD) from my IRA to pay for my grandson’s summer church camp? Susan

Roth Conversions and Spousal IRAs: Today's Slott Report Mailbag

Question: If an 80-year-old converts his IRA to a Roth account and dies the following year, when can the beneficiaries begin withdrawing money tax-free from the Roth? Do the beneficiaries have to wait for the expiration of the 5-year period following the conversion?

Making a Spousal IRA Contribution

The pandemic has upended the workforce. Many workers lost jobs. Some workers resigned by choice. Others were forced to leave jobs due to childcare issues. If you are not working outside the home, you may believe you are ineligible to make an IRA contribution. You may think that because IRA contributions are based on taxable compensation, if you personally have not been working, you are out of luck. Good news! If you are married but not working, you may be able to make a contribution to your IRA based on your spouse’s taxable compensation for the year.

Marriage Has Its Benefits - 4 IRA Rules Same-Sex Couples Should Know

June is PRIDE Month. This June also marks the sixth anniversary of the landmark Supreme Court case Obergefell v. Hodges, which legalized same-sex marriage. In the wake of this decision, millions of same-sex couples headed to the alter over the past few years. Many of these newlyweds, never expecting to see a day when they would be allowed to marry, may not have paid much attention to the special breaks that married couples receive under the tax code. When it comes to IRA rules, spouses have many advantages, and couples in same-sex marriages are no exception. Here are four special IRA rules for spouses that same-sex couples should know about:

Spousal IRA Contributions and Divorce: What You Need to Know

In a marriage where one spouse (Annie) has earned income and the other spouse (Bernie) has little or no income, an IRA or Roth IRA contribution can be made for Bernie based on Annie’s income. However, what happens if Bernie makes his contribution early in the year and later in the year he and Annie are divorced or separated?

The Kay Bailey Hutchison Spousal IRA Receives Congressional Agreement

The Kay Bailey Hutchison Spousal IRA: what a mouthful! We now have this thanks to a bill that was signed into law on July 25, 2013 that renamed the section of the tax code that specifies the spousal IRA contribution limit. Learn more about this type of IRA below.

Spousal IRA Contributions, Roth Conversions, Social Security Funds Highlight Mailbag

What are the spousal IRA contribution rules? What benefits will a Roth conversion have for legacy planning? Can I use Social Security money to fund my wife and I's joint retirement account? We answer those questions in this week's Slott Report Mailbag.

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