Spousal IRA
If a retired spouse has an existing IRA from her previous job, and now has no current income, can her working spouse make contributions to her existing IRA?
If a retired spouse has an existing IRA from her previous job, and now has no current income, can her working spouse make contributions to her existing IRA?
Permalink Submitted by Fred Stutman on Thu, 2018-03-22 16:43
Can a working spouse contribute to a non-working spouse’s IRA, who has an existing IRA from a former job.
Permalink Submitted by Alan - IRA critic on Thu, 2018-03-22 16:57
As long as her IRA is not a SIMPLE IRA and she will not reach 70.5 this year, a spousal contribution using the earned income of the working spouse can be made. If she has a SIMPLE IRA, she will have to open a traditional IRA to receive the contribution. A spousal contribution can be either to a traditional IRA or a Roth IRA, but more info is needed to determine if a traditional IRA contribution can be deducted.