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Contributed by mm | October 7, 2006 4:45 PM PST
Yes, you can contribute to the IRA of your non-working spouse. In fact, this effectively allows double retirement savings opportunities for one-breadearner families.
From Fidelity:
A spousal IRA is a way for non-working spouses or working spouses who are not covered by an employer-sponsored plan to have a Roth or Traditional IRA, even if they have little or no earned income.
Non-working spouses can contribute up to the annual limit to their own Roth or Traditional IRA if:
- The combined contributions do not exceed combined compensation
- The couple files a joint federal income tax return
This IRA contribution is in addition to any IRA contribution the wage-earning spouse makes. For 2005, eligible married couples can contribute up to $4,000 each for a combined total of $8,000 ($9,000 with the catch-up contributions of $500 each for individuals 50 or older by the end of the year), for the 2005 tax year.
In 2006, eligible married couples can contribute up to a combined total of $8,000 ($10,000 including the $1,000 catch-up contribution for individuals 50 or older by the end of the year).
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401(k) Or Roth IRA? (October 7, 2006)
While certainly there is no one-size-fit-all, when it comes to 401(k) vs Roth IRA question, the best advice is almost always to take advantage of the full employer match first (free money!), then to make full contribution to Roth IRA, before contributing to non-matched 401(k ...
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Roth IRA Or Traditional IRA? (October 7, 2006)
Yes, there is no one-size-fit-all in the decision between Roth IRA and Traditional IRA. Here are some principles you should follow when you judge both opportunities yourself.
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