spousal IRA contr during severance
I understand an individual can contribute to an IRA for a calendar year during which the only source of income was the individual’s severance.
Can the individual make a contribution to a spousal IRA during the same year, assuming the spouse has no earned income?
Permalink Submitted by Alan - IRA critic on Tue, 2017-02-14 18:37
Yes, as long as the W-2 includes enough income for the contributions to be made. Contributions must be Roth for any spouse that has reached 70.5.
Permalink Submitted by Thomas Ferry on Tue, 2017-02-14 18:51
if both are over age 50, how much W2 income is requred for them both to make maximum contributions?
Permalink Submitted by Alan - IRA critic on Tue, 2017-02-14 18:54
6,500 for each = 13,000 total.