IRA contribution

rogerc1944 · 01-13-2007, 03:18 PM

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.

d · 01-13-2007, 03:44 PM

i believe you can take the spousal ira.

crazy connie · 01-13-2007, 04:54 PM

Yes, you can contribute to a spousal IRA (regular or ROTH) as far as I know.

**Martha** · 01-13-2007, 05:27 PM

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.

Nords · 01-13-2007, 05:30 PM

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

rogerc1944 · 01-14-2007, 12:24 AM

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

01-13-2007, 03:18 PM	#1
rogerc1944 Dryer sheet aficionado Join Date: Jan 2007 Posts: 29	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.

01-13-2007, 03:44 PM	#2
d Thinks s/he gets paid by the post Join Date: Apr 2006 Posts: 1,424	Re: IRA contribution i believe you can take the spousal ira.

01-13-2007, 04:54 PM	#3
crazy connie Full time employment: Posting here. Join Date: Feb 2006 Posts: 673	Re: IRA contribution Yes, you can contribute to a spousal IRA (regular or ROTH) as far as I know.

01-13-2007, 05:27 PM	#4
Martha Moderator Join Date: Feb 2004 Location: minnesota Posts: 9,341	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. __________________ . Do not rely on the information provided--my posts are not to be taken as legal advice. Needless to say you must consult with your legal representative. I am not responsible for errors. If I offended you with cya I apologize. If I did not, I tried.

01-14-2007, 12:24 AM	#6
rogerc1944 Dryer sheet aficionado Join Date: Jan 2007 Posts: 29	Re: IRA contribution Thanks for the posts. My question was answered and I do appreciate all of your assistance!

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