Spousal IRA Question

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Topic Author
BlueFin
Posts: 36
Joined: Mon Mar 19, 2012 10:36 am

Spousal IRA Question

Post by BlueFin » Mon Jan 13, 2020 11:15 am

Does one need a separate account for a spousal IRA or can the contribution for 2020 go into a previously established Roth IRA account? The existing account has been funded by earned wages up until this year.

Thanks.

KingRiggs
Posts: 359
Joined: Wed Dec 12, 2018 12:19 pm
Location: Indiana

Re: Spousal IRA Question

Post by KingRiggs » Mon Jan 13, 2020 11:15 am

The "I" in IRA stands for individual, so if the existing account is yours, your spouse will need their own.

If the account belongs to your spouse, you have no need of a new account.
Last edited by KingRiggs on Mon Jan 13, 2020 11:21 am, edited 1 time in total.
Advice = noun | Advise = verb | | Roth, not ROTH

User avatar
anon_investor
Posts: 753
Joined: Mon Jun 03, 2019 1:43 pm

Re: Spousal IRA Question

Post by anon_investor » Mon Jan 13, 2020 11:18 am

If your spouse has an existing Roth IRA account, "spousal contributions" can go into that one, no need to create another account.

Topic Author
BlueFin
Posts: 36
Joined: Mon Mar 19, 2012 10:36 am

Re: Spousal IRA Question

Post by BlueFin » Mon Jan 13, 2020 12:12 pm

anon_investor wrote:
Mon Jan 13, 2020 11:18 am
If your spouse has an existing Roth IRA account, "spousal contributions" can go into that one, no need to create another account.
Thank you...that answers my question.

Spirit Rider
Posts: 12198
Joined: Fri Mar 02, 2007 2:39 pm

Re: Spousal IRA Question

Post by Spirit Rider » Mon Jan 13, 2020 12:20 pm

It is a good question because many people (even the IRS) refer to a spousal IRA account. When there really is no spousal IRA account, just spousal IRA contributions to a traditional or Roth IRA account.

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