Eligibility for Spousal IRA Contribution
Husband employed and covered by employer retirement plan; Wife is retired receives a pension.
Assume 2010 MAGI for H & W filing jointly is less than $167,000:
Can Husband make a deductible IRA contribution for Wife for 2010 if return not yet filed?
If yes a reference to the rule would be appreciated.
John
Permalink Submitted by Alan Spross on Wed, 2011-03-16 20:30
Yes, as long as the wife did not reach 70.5 in 2010. See “Spousal IRA Limit” in Pub 590, p 11.
Even if the return had been filed, it could be amended as long as the contribution was made by 4/18/2011. Note that there must be enough earned income to cover any regular TIRA or Roth IRA contributions made for either spouse.
Permalink Submitted by John Hemphill on Wed, 2011-03-16 22:36
Thanks for the information.
John