What are the eligibility requirements for a Traditional IRA?
You are eligible to establish and contribute to a Traditional IRA for a year if you are younger than age 70 , and if at any time during the year you received compensation (or earned income if you are self-employed). If you received taxable alimony, this is treated like compensation for IRA purposes. Can I Contribute to a Traditional IRA for my Spouse? For each year before the year when your spouse attains age 701/2, you can contribute to a separate Traditional IRA for your spouse, regardless of whether your spouse had any compensation or earned income in that year. This is called a “spousal IRA.” To be eligible to contribute to a spousal IRA, you and your spouse must file a joint tax return for the year. For a spousal IRA, your spouse must establish separate Traditional IRA from yours to receive the contributions.
