Non-working spouse IRA contribution

Submitted by Justin Whelan on Wed, 2015-09-02 20:02

I understand a non-working spouse may contribute to an IRA. If the working spouse is participating in a Simple IRA at work and makes $350k, is the non-working spouse able to deduct her traditional IRA contribution? Is she able to contribute to a Roth IRA?

Thanks,

Justin



Submitted by Alan - IRA critic on Wed, 2015-09-02 20:32

Due to the amount of modified AGI on their return, the only option for a spousal IRA contribution in this situation is a non deductible TIRA contribution. Of course, if the non working spouse has no pre tax IRA balance, the non deductible contribution could then be converted to a Roth IRA tax free.

Submitted by Justin Whelan on Wed, 2015-09-02 21:42

thanks

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