If 1 spouse is working and 1 spouse is non-working (or retired), contributing to a Spousal IRA could benefit both your retirement and your taxes. In this video I explain spousal IRA contributions, rules, and tax strategies
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If you are a married couple filing jointly and 1 spouse is non-working (or retired) and 1 spouse is working, a spousal IRA could be a benefit to you and your tax picture. In the video I discuss:
-Spousal IRA contribution eligibility
-Spousal IRA contribution limits
-If your spouse can contribute to an IRA or Roth IRA
-Spousal IRA strategies for retirement and taxes
-A key tip on how to utilize the spousal IRA strategy to shift taxable money into the tax-free Roth IRA
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What if both sides are working, but one makes significantly more than the other, but the combined AGI is less than the limit? Can one contribute to the other's Roth IRA?
Can you do a “back door spousal Roth IRA” if your spouse has no earned income and you make over the contribution limit for Roth IRA?
Nicely done
Will this spousal IRA work with Non-Tax deductible IRA and performing the Backdoor Roth Conversion? My wife doesn't work, I'm maxed out on 401K contribution and our income limit doesn't allow Roth contribution or IRA tax deduction. I'm thinking of opening a After-Tax / non-tax deductible IRA for my wife and doing the Roth conversion. Can this work. A second related question I have is: she currently have a Roll-over IRA. When I do the Roth conversion, does she have to convert this new IRA account and the previous Roll-over IRA account? This really impacts if I want to do this as the roll-over IRA will trigger lots of taxes during the Roth conversion.
I took your advice and opened a Spousal Roth IRA. My question is, how does the IRS know that this is what it is? Vanguards form only asked me if employed or not.
Can contribution to IRA be made in non-working spouses name if working spouse does not contribute to an IRA?
Can the funding come from the non-working spouse's bank account?
Can the non-working spouse open the IRA or does the working spouse have to do it? If the non-working can open the account , how does the working spouse contribute to it? Is there a specific place the money needs to come from?
I'm 34 and my wife is 42 and not working right now. Would a Spousal IRA be good for us?
Great stuff.
Question, what happened if the working spouse has a 401k?
Hi, what if the nonworking spouse later starts working?