So, for example, you can contribute to an IRA for 2024 anytime between Jan. 1, 2023, and April 15, 2024. Note that even if youfile for an extensionto complete your taxes, your IRA contributions are still due by the April deadline.6 Remember that you don't have to make your full ...
A spousal IRA is almost always encouraged by financial advisors as a way for married couples with uneven incomes to maximize their tax efficiency. Though one spouse may not traditionally be eligible to make IRA contributions, leveraging the income of their spouse is one way to shelter or defer ...
In reality, there's no such thing as a spousal IRA, just a rule that allows you to rely on your spouse's income when you contribute.
No age limit for contributions— You can contribute to your IRA as long as one spouse is generating earned income. Total income threshold for Roth IRA contributions— If you and your spouse make a combined $230,000 or less in 2024 or $236,000 in 2025, you can contribute up to the limi...
Contributions to a Spousal IRA When it comes to contributing to a Spousal IRA, there are a few things to consider: Both spouses can contribute to their individual IRAs as long as the total contributions do not exceed their combined earned income or the annual contribution limit. ...
Danny’s wife Sandy did not work outside the home. When Danny files for his own Social Security Benefit, Sandy is looking forward to receiving a Spousal Benefit based on Danny’s record. But Sandy will be surprised to find out that the amount of her Spousal Benefit will not...
If one spouse has already maxed out their own IRA contributions, it can be a great opportunity for couples to enhance their tax-advantaged retirement planning. Your spouse can name you as the beneficiary of the spousal IRA. But once you start contributing to the account, the money is your ...