Spousal Traditional IRA contribution (Partial Year employed)
Hello,
My wife left the job in April 2022 and not worked for the rest of the year. When she was employed, she had 401K.
As she was housewife for the majority of the year, could I contribute to Traditional IRA account in her name?
She has a TIRA account.
Thanks for the advice.
Permalink Submitted by Alan - IRA critic on Thu, 2023-04-13 02:33
You can contribute, but since she was covered by a plan for even part of the year, the income limits would be triggered with respect to deducting the IRA contribution. Box 13 of her W-2 was probably checked indicating participation. If she cannot deduct the contribution, a Roth contribution would be preferable to a non deductible contribution if your joint MAGI is not too high for the Roth contribution.