SEP IRA CONTRIBUTION FOR WIFE’S SEP IRA?
Both husband and wife have SEP IRA’s. She stopped working as his income will exceed 800k this year. he can’t fund a roth or trad IRA and max’s out his 401k for being over 50.
QUESTION:
1. Can a client contribute to his wifes’ SEP even if she did not bring in any income in 2021 like you can with funding a Roth or Trad IRA if one spouse only works?
Thank you,
Douglas
Permalink Submitted by Alan - IRA critic on Tue, 2022-03-01 00:59
No. Spousal SEP contributions are not allowed. The only contribution allowed for her is a spousal non deductible TIRA contribution.