I heard this asked on the radio and the host (normally very knowledgeable) didn't 100% know the answer.
Situation:
Spouse 1 earns 50K
Spouse 2 earns 3K
I know if Spouse 2 earned nothing, then Sp 1 could fully fund a Spousal IRA.
However, since 2 has some earned income, can Sp 1 still do the Spousal IRA or is 2 limited to the 3K that they earn?
Situation:
Spouse 1 earns 50K
Spouse 2 earns 3K
I know if Spouse 2 earned nothing, then Sp 1 could fully fund a Spousal IRA.
However, since 2 has some earned income, can Sp 1 still do the Spousal IRA or is 2 limited to the 3K that they earn?