Spousal IRA contributions

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elgie23
Posts: 2
Joined: Wed Oct 17, 2018 1:07 pm

Spousal IRA contributions

Post by elgie23 » Wed Oct 17, 2018 1:10 pm

So, I haven't been able to find a straight answer to this.

Married File Jointly
Spouse A makes 100k
Spouse B makes 2k

For Spouse B - limited to 2k in IRA contributions, or can go to 5500 via spousal IRA rules?

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Duckie
Posts: 6003
Joined: Thu Mar 08, 2007 2:55 pm

Re: Spousal IRA contributions

Post by Duckie » Wed Oct 17, 2018 5:50 pm

elgie23, welcome to the forum.
elgie23 wrote:For Spouse B - limited to 2k in IRA contributions, or can go to 5500 via spousal IRA rules?
Since you are married filing jointly, Spouse B can contribute $5.5K based on joint income.

retiredjg
Posts: 34164
Joined: Thu Jan 10, 2008 12:56 pm

Re: Spousal IRA contributions

Post by retiredjg » Wed Oct 17, 2018 5:52 pm

Agree with Duckie. Spouse B can make $0 a year and still contribute $5,500 based on joint salary. More if Spouse B is over 50 or older.

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FiveK
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Joined: Sun Mar 16, 2014 2:43 pm

Re: Spousal IRA contributions

Post by FiveK » Thu Oct 18, 2018 4:20 am

elgie23 wrote:
Wed Oct 17, 2018 1:10 pm
So, I haven't been able to find a straight answer to this.
IRS advice straight enough? See Spousal IRAs.

elgie23
Posts: 2
Joined: Wed Oct 17, 2018 1:07 pm

Re: Spousal IRA contributions

Post by elgie23 » Thu Oct 18, 2018 9:58 am

Thanks!

I wasn't sure if the extra-low income from one spouse meant s/he was restricted by that amount of earned income vs being able to go above that because of spouse's earned income.

All the examples out there are for $0 income spouse.

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