Spousal IRA For when only one partner is working.
For People Who…
- Are the only working spouse
- Want the flexibility to choose between a Traditional or Roth IRA
Benefits
- Contribute up to $15,000 annually, or 100% of the working spouse's compensation, whichever is less.
- Two separate accounts---one for each spouse.
- If you are 50 years of age or above, you may make additional contributions of $1,100 per year.
Features
- The rules of the account depend on whether or not you choose to make it a Traditional or Roth IRA.
- To open, you must plan on filing a joint tax return when it comes time to do your taxes.
- No more than $7,500 deposited into either Traditional or Roth IRA account annually, even though the total contribution limit for both accounts combined is $15,000.
Additional Information
- A working spouse may open an IRA for a spouse who is not earning compensation. It may be established as a Traditional or Roth IRA.
- The IRA contributions are placed in two separate accounts---one for each spouse.
- You may make an annual contribution up $15,000 or 100% of the working spouse’s compensation, whichever is less, with no more than $7,500 deposited into either Traditional or Roth IRA account annually, even though the total contribution limit for both accounts combined is $15,000.
- If you are 50 years of age or above, you may make additional contributions of $1,100 per year.
- To open, you must plan on filing a joint tax return when it comes time to do your taxes.
Ways to Apply
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