000 if they are 49 or younger. Each member of the couple who is 50 or older can contribute an additional $1,000. If only one spouse works, the working spouse can make an IRA contribution on behalf of the non-working spouse. "If you don't have income, you ...
While retirement accounts are only in one person’s name, the contribution limits are decided by the household income if you file as “married filing jointly”. If you file taxes separately, then the income limits are based on your individual income. For most people, there are two sets of ...