Traditional IRA
Question: I want to establish a traditional individual retirement arrangement (IRA) for my spouse, and I need additional information. What is the most I can contribute to a spousal IRA during the tax year?
Answer:
The most that can be contributed to an IRA depends on certain factors, including the overall maximum contribution limit in effect for the year, taxable compensation, the individual's age, and the amount of other contributions to traditional and Roth IRAs.
- If both you and your spouse work and both have taxable compensation, each of you can generally contribute to a separate traditional IRA. In addition, if you file a joint return, each of you can contribute to a separate traditional IRA based on your combined compensation (subject to certain limitations), even if one of you has little or no compensation.
- The amount that you can contribute to each IRA is subject to a limit that can be found in Publication 590, Individual Retirement Arrangements.
Additional Information:
Category: Individual Retirement Arrangements (IRAs)
Subcategory: Traditional IRA
