How Do You Determine IRA Contribution Limits For A Non-Working Spouse?
An attractive part of any investor’s portfolio is an IRA (individual retirement account). Although originally designed for those individuals who don’t have a work-funded or sponsored retirement account, IRAs are now available to a wide spectrum of individuals. If you have a stay-at-home, retired or disabled spouse, you may wonder if he or she is eligible to open an IRA. Learn about rules governing unemployed individuals and IRAs. Generally, people who don’t earn compensation can’t open an IRA. However, if a family meets certain conditions, husbands and wives can make IRA contributions on behalf of their unemployed spouses. Follow the eligibility requirements to contribute to an IRA on behalf of your non-working spouse. According to the Internal Revenue Service (IRS), you must be married, file a joint income tax return and make at least as much or more money than you contribute to an IRA(s) on behalf of yourself and your spouse combined. Fund a traditional IRA for your non-working spous
