Spousal IRA – Traditional IRA Contribution and Deduction for 2021

Hi,
I am 61 years old, retired and receiving a pension from Federal Government (not social security benefit yet). My husband is also 61 years old, is still working and his salary is about $120,000, but he is NOT covered by a retirement plan at work. My question is (i) Can we use the Kay Bailey Hutchison Spousal IRA even though I am receiving a pension from Federal Government?
Since my husband is not covered by a retirement plan at his work, I know we can contribute up to $7000 each for traditional IRA, but (ii) Can we take full deduction of $14,000 even though I am receiving a pension from Federal Government?



The fact that you are receiving the pension no bearing on your eligibility to contribute to an IRA or to deduct an IRA  contribution.

Add new comment

Log in or register to post comments