Retired spouse eligible for 2012 Spousal IRA Contribution
Wife is 68, employed and covered by employer retirement plan; Wife is not participating in employer retirement plan [i.e. $0 contribution in 2012].
Husband is 70 years old, retired and receives Social Security.
Assume 2012 MAGI for H & W filing jointly is less than $112,000:
Can Husband make a deductible IRA contribution for 2012,[husband will be 70.5 in March 2013], 2012 return not yet filed?
Can spouse make full or partial contribution to a Traditional IRA?
Permalink Submitted by Alan - IRA critic on Sun, 2013-03-10 00:10
Husband can make a spousal dedutible TIRA contribution for 2012 (final year this can be done). Wife may or may not be covered by workplace plan, check Box 13 on her W-2. If she is not a participant she can also make a full deductible TIRA contribution. If she IS a participant the deduction phaseout range is 92-112 MAGI, with full deduction if MAGI is less than 92k. If she cannot deduct the contribution, she can make a Roth contribution if desired.