If you want to contribute to a Roth IRA for your spouse (or yourself), there are income limits. For 2023, a married couple who file a joint tax return and have amodified adjusted gross income (MAGI)of up to $230,000 can contribute the full amount to each of their Roth IRAs. Couples...
a spousal IRA is not a joint account. Rather, you each have your own IRA—but just one spouse funds them both. Regardless of who contributes to the spousal IRA, the IRA belongs to the individual whose name is on the account.2
That’s because opening an individual 401(k) may trigger the MAGI limits on your joint income, completing eliminating the traditional IRA deduction if your MAGI exceeds $189,000 or thrusting you into the spousal IRA deduction gap. Of course, if you know your MAGI will remain below $101,000...
Any initial division of property resulting from divorce is usually considered a tax-free exchange of property by the IRS. The recipient takes on the basis of any property received and pays no income tax upon its transfer. Any type of individual retirement account (IRA) or retirement plan transf...