Minimum income needed for IRA contribution
If an individual has a non working spouse and both are under age 50, must this person earn at least $10k to be able to make his own and his spouse’s TIRA contribution (based on current IRA limits of $5k each? If only $7k earned then the maximum aggregate IRA contribution for both is $7k– is this right?
Permalink Submitted by Alan Spross on Wed, 2010-04-14 19:17
That is correct.