Spousal Contribution to Traditional IRA

Submitted by Robert Ritchings on Mon, 2018-03-19 18:57

My wife and I each have had a traditional IRA for many years. I have now retired and am 71 years old; she is 66. She is semi-retired and has earned income in 2017 of $10,000. I just started my RMD in 2017. We file a joint return. I assume my wife can contribute $6,500 to her IRA; but, can I contribute the remaining $3,500 to my IRA, even though I am over 70 1/2 and receiving the RMD? Does it matter which IRA gets how much of the $10,000 total contribution? If filing jointly, does it matter whose bank account the contribution(s) comes from?

Thanks, in advance.

Bob R.



Submitted by Alan - IRA critic on Tue, 2018-03-20 04:15

You cannot make a spousal TIRA contribution due to having reached 70.5, however you could make a spousal Roth IRA contribution. The sum of both your contributions cannot exceed her earned income. There is also a modified AGI limit for your spousal Roth contribution. If your joint MAGI exceeds 186k for 2017, the Roth contribution begins to be phased out. 

Submitted by Robert Ritchings on Tue, 2018-03-20 14:58

Thanks for your quick reply.  So, to be clear, my IRA (I am 71) cannot receive contributions from either myself or my wife?  Can my wife (age 66) still make a contribution to her TIRA and still receive the tax deduction?  

Submitted by Alan - IRA critic on Tue, 2018-03-20 16:27

Correct. A spousal contribution is based on the age of the spouse receiving the contribution, not on the age of the spouse supplying the income. Therefore, you are limited to a Roth spousal contribution, but your wife can still make a full deductible TIRA contribution unless she is covered by a retirement plan at work AND your modified AGI is over 99,000.

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