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The spousal IRA can be either a traditional IRA or a Roth IRA and is subject to the same rules and restrictions as these plans: ... contributions to a traditional IRA will be tax-deductible.
The new IRS rules for 2025 IRA contribution limits could be announced any day. Based on 2024 rules, it's possible that many retirement savers could be allowed to put up to $7,000 (or more) into ...
Tax Filing Status. 2024 MAGI. 2025 MAGI. Traditional IRA Deduction. Single individuals covered by a workplace retirement plan. $77,000 or less. $79,000 or less
Continue reading ->The post What Is a Spousal IRA? appeared first on SmartAsset Blog. We all know that saving for retirement is a good thing. We often think of retirement savings in terms of a ...
There are several types of IRAs: Traditional IRA – Contributions are mostly tax-deductible (often simplified as "money is deposited before tax" or "contributions are made with pre-tax assets"), no transactions within the IRA are taxed, and withdrawals in retirement are taxed as income (except for those portions of the withdrawal corresponding to contributions that were not deducted).
A spouse who is still working can contribute up to $7,500 to their spouse’s existing traditional or Roth IRA. This could be the right move to make, depending on the exact tax situation.