Contributions to an incompent’s IRA
May a spouse of an incompetent (living in an Alzheimer’s home) make a contribution to this person’s IRA if the working spouse has sufficient compensation income?
BruceM
May a spouse of an incompetent (living in an Alzheimer’s home) make a contribution to this person’s IRA if the working spouse has sufficient compensation income?
BruceM
Permalink Submitted by Alan - IRA critic on Mon, 2012-12-31 04:44
Hi Bruce.No reason a spousal contribution could not be made, but it would require a DPOA.
Permalink Submitted by mk foss on Mon, 2012-12-31 22:33
If the incompetent person is over 70.5, only a Roth contribution could be made. At a younger age, you have the choice of tradtional or a Roth.