Spousal IRA contribution

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jumpinintoit
Posts: 1
Joined: Wed Jan 31, 2018 7:32 pm

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
Posts: 4850
Joined: Mon Mar 30, 2015 5:54 am
Location: Michigan

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.
Prediction is very difficult, especially about the future - Niels Bohr | To get the "risk premium", you really do have to take the risk - nisiprius

walkerbait
Posts: 18
Joined: Tue Jan 17, 2017 9:01 pm

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.

TwstdSista
Posts: 766
Joined: Thu Nov 16, 2017 4:03 am

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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