spousal IRA contribution for spouse under 70 1/2 – spouse with earnings over 70 1/2
My reading of the rules is that an IRA contribution can be made into a spousal IRA for a spouse who has no earnings if that spouse is under age 70 1/2 even though the spouse with the earnings is over 70 1/2. A CPA said that I was wrong. Am I correct?
Many thanks as always …. Mary
Permalink Submitted by Alan - IRA critic on Wed, 2016-03-30 19:00
You are correct. The age of the spouse with the earnings is immaterial, as the age of the spouse receiving the spousal contribution applies with respect to the TIRA age limit for contributions. The spouse receiving the contribution cannot reach 70.5 or later for the contribution year.