Spousal IRA – new or existing account?
I recently quit my job and would like to pay into a ‘spousal IRA’ (we file taxes jointly, so that is doable).
==>Do I have to create a separate IRA account, or can I continue paying into my existing IRA account, and the contributions will simply be ‘spousal’ as opposed to coming from my salary?
Permalink Submitted by Alan - IRA critic on Thu, 2024-08-08 11:50
“Spousal” is not a type of IRA, just a type of IRA contribution using the earnings of your spouse. Therefore, you can make the contribution into your current IRA.