I want to establish a traditional IRA for my spouse. What is the most I can contribute to it during the tax year?
If both you and your spouse work and both have taxable compensation, each of you can contribute up to $3,000 (or the amount of each IRA owner’s compensation, if less) to a separate traditional IRA. Even if one spouse has little or no compensation, up to $3,000 can be contributed to each IRA if combined compensation is at least equal to the amount contributed to both IRAs and you file a joint return. You can contribute $3,000 to a separate IRA for your nonworking spouse if you file a joint return. Your total contribution to both your IRA and the spousal IRA for this year is limited to the smaller of $6,000, or your taxable compensation reduced by any contributions you make to a traditional IRA or Roth IRA. You cannot contribute more than $3,000 to either IRA for the year. If you are 50 or older in 2003, the most that can be contributed to your traditional IRA for 2003 is the lesser of: $3,500 (up from $2,000), or your compensation that you must include in income.
Related Questions
- 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?
- Can I contribute to a traditional IRA if I participate in my employers retirement plan? What about if my spouse participates in an employer sponsored plan?
- I want to establish a traditional IRA for my spouse. What is the most I can contribute to it during the tax year?
