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Total income threshold for Roth IRA contributions — If you and your spouse make a combined $230,000 or less in 2024 or $236,000 in 2025, you can contribute up to the limit in a Roth IRA. The ...
IRS rules dictate that the total combined contributions to your IRA and your spouse’s IRA, cannot exceed $13,000 for the 2023 tax year if only one of you is age 50 or older.
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.
According to IRS pension/retirement department as of July 13, 2009, traditional IRAs (originally called Regular IRAs) were created in 1975 and made available for tax reporting that year as well. The original contribution amount in 1975 was limited to $1,500 or 15% of the wages/salaries/tips reported on line 8 of Form 1040 (1975).
The IRS has a solution that allows a … 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 ...
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