I want to establish a traditional IRA for my spouse, and I need additional information. What is the most I can contribute to a spousal IRA during the tax year?
If both you and your spouse have taxable compensation from work and are under 70 1/2, each of you can contribute up to $3,000 ($3,500 if you are 50 or older; for 2005, $4,000 or $4,500 if 50 or older) or the amount of each IRA owner’s compensation, if less, to a separate traditional IRA. If you file a joint return and your spouse has little or no compensation, you can contribute for the year to your spouse’s IRA the smaller of the following two amounts: $3,000 ($3,500 if 50 or older; for 2005, $4,000 or $4,500, if 50 or older) or The total compensation includible in the gross income of both you and your spouse for the year, reduced by any contributions made for the year to your traditional or Roth IRA. This means that the total combined contributions that can be made for 2004 to your IRA and your spouse’s IRA can be as much as $6,000 ($6,500 if only one of you is 50 or older or $7,000 if both of you are 50 or older). For 2005, combined total contributions can be as much as $8,000 ($8,5
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- I want to establish a traditional IRA for my spouse, and I need additional information. What is the most I can contribute to a spousal IRA during the tax year?
- I want to establish a traditional IRA for my spouse. What is the most I can contribute to it during the tax year?
