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IRA contribution
Old 01-13-2007, 04:18 PM   #1
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IRA contribution

I am 100% retired and draw a pension and have existing Roth and Regular IRAs. My wife works full time. Can I establish and contribute to a spousal IRA for myself based on the fact that my wife has earned income? Or, am I prohibited from doing so by the fact that I am a member/recipient of my existing pension plan.
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Re: IRA contribution
Old 01-13-2007, 04:44 PM   #2
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Re: IRA contribution

i believe you can take the spousal ira.
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Re: IRA contribution
Old 01-13-2007, 05:54 PM   #3
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Re: IRA contribution

Yes, you can contribute to a spousal IRA (regular or ROTH) as far as I know.
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Re: IRA contribution
Old 01-13-2007, 06:27 PM   #4
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Re: IRA contribution

It is one thing to be able to contribute. The real question is whether you can deduct the contribution. Publication 590 may help. http://www.irs.gov/publications/p590/ch01.html#d0e1703

The question is whether being a participant in a pension plan will prohibit you and your wife from deducting the contribution.
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Re: IRA contribution
Old 01-13-2007, 06:30 PM   #5
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Re: IRA contribution

Quote:
Originally Posted by rogerc1944
Can I establish and contribute to a spousal IRA for myself based on the fact that my wife has earned income?
Yep, that's what I'm doing with my spouse's part-time income. You can contribute your spouse's income to her 401(k), her IRA, and your IRA.

You have to stay within the IRA contribution limits and her earned income, whichever is lower, and some other caveats in the front of IRS Pub 590.
http://www.irs.gov/pub/irs-pdf/p590.pdf
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Re: IRA contribution
Old 01-14-2007, 01:24 AM   #6
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Re: IRA contribution

Thanks for the posts. My question was answered and I do appreciate all of your assistance!
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