Spousal IRA contribution

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Spousal IRA contribution

Post by jumpinintoit » Tue Feb 13, 2018 12:59 pm

Hi all, I am very new here and learning so much! My goal is to do a complete overhaul of my investments eventually, but there is a lot to do. First question, however, Can I contribute my $6,500 allowable as a 53 year old F, retired, filing jointly with working spouse, to an Inherited IRA? Or do I need to create a new IRA, which, incredibly, I have never done. Thanks!

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David Jay
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Re: Spousal IRA contribution

Post by David Jay » Tue Feb 13, 2018 1:37 pm

I don't know if you are allowed to contribute to an inherited IRA, but I absolutely would not. Too many possibilities for confusion. Keep inherited separate from personal.

Spousal income qualifies, so "his" income covers "her" contribution or vice-versa.
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Re: Spousal IRA contribution

Post by walkerbait » Tue Feb 13, 2018 1:51 pm

No, you may not contribute to an inherited IRA. Nor would you want to, even if you could, because you're forced to take distributions each year. Your own IRA is much more beneficial as it can grow tax-deferred (Traditional) or tax-free (Roth) with no required distributions.

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Re: Spousal IRA contribution

Post by TwstdSista » Tue Feb 13, 2018 1:56 pm

You do need to create a new IRA. But keep in mind you can still contribute for 2017 up through tax day this year.

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