With a spousal Roth IRA, the IRS allows people who earn less than their spouse to contribute the maximum they would be allowed using the joint income reported on the tax return. Let’s say you are retired and make no income, but your spouse is still working part-time making $25,000 ...
If your spouse continues to work and has earned income, they can establish and fund a Roth IRA for you even if you're not actively working. This spousal Roth IRA must be in your name, even if your spouse is the one making the contributions.14...
Sometimes overlooked by the non-spousal recipient of an inherited IRA is the task of naming beneficiaries themselves. In fact, IRA holders could not bequeath this asset to beneficiaries until as recently as 20 years ago, when the IRS green-lit IRAs to potentially pass through multiple “generatio...
She had a $90,000 IRA which I want to buy an annuity with. Can I do that? Hersh Stern (ImmediateAnnuities.com) 2015-02-27 12:48:06 Hi Bill- Sorry that you lost your wife. Regarding the annuity — what you have is called a spousal inherited IRA. You are permitted to buy...
Be sure to understand thekey differences between the traditional IRA and the Roth IRA. Different investment approaches Having multiple accounts also allows you to implement different investment strategies in each account. You might open an IRA with a robo-advisor that takes a low-cost approach to ...
Can I get a short-term loan from my IRA? While it's technically not a loan, you can use the 60-day rollover allowance once every 12 months to take a withdrawal from your IRA account as long as you replace that money within a 60-day timeframe. ...
"If you don't have income, you can't put money in an IRA unless you are a spouse of someone who has income. Then you can do a spousal IRA," says Francine Duke, a retired certified financial planner for Aqua Financial Planning in Chicago. You can't open a joint IRA in both of ...
spousal support used to be taxable to the person receiving it and tax-deductible for the person paying. That's no longer true. Starting with divorce agreements made this year, recipients won't owe taxes on spousal support, and those who pay it can't deduct it -- which could make support...
Can I Contribute to an IRA if I’m Unemployed? Generally, you need to have earned income to contribute to an IRA, but there are exceptions. Married couples in which only one spouse earns income can contribute to aspousal IRAon behalf of the non-earning partner. Standard contribution limits...