Spousal IRA Contribution

Submitted by Larry Moran on Mon, 2008-12-15 22:32

I have a 66-year old client that currently works and contributes to his 401k. His annual salary is $66,000, he collects $1700/month from social security and $1500/month from a military retirement.

His wife is on SSI disability at $800/month. His question is, can he contribute to an IRA in his wife’s name. If so, is the contribution deductible?

Thanks.



Submitted by Alan Spross on Tue, 2008-12-16 00:12

Yes, he can make a spousal IRA contribution including catch up contribution if she is at least 50, and it would be deductible.



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