Spousal IRA
If a husband contributes to his 401k and his wife earns $3000 and she is over age 50 and they’re total AGI is $131,000 could a traditional IRA contribution be made for the wife for $3K or up to $6500?
If a husband contributes to his 401k and his wife earns $3000 and she is over age 50 and they’re total AGI is $131,000 could a traditional IRA contribution be made for the wife for $3K or up to $6500?
Permalink Submitted by Alan - IRA critic on Tue, 2017-10-24 00:52
Assuming wife does not participate in a workplace plan, she can make a spousal TIRA contribution of 6500 and deduct the entire amount as long as modified AGI is under 186k.