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Spousal IRAs permit a working spouse to put money aside for retirement for a non-working spouse with tax-free or tax-deferred growth, or both. ... you can contribute up to the limit in a Roth IRA ...
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.
There's a special rule that enables married couples use a tax-advantaged saving account even if one spouse isn't working. Skip to main content. 24/7 Help. For premium support please call: ...
But the IRS doesn't treat retirement accounts as a family matter, instead forcing people to have individual IRAs. If you and your spouse have decided that just one of you will work, a Spousal IRA ...
However, if you or your spouse is covered by a workplace retirement plan like a 401(k), the amount you can deduct for your traditional IRA contributions may be limited based on your modified ...
The Roth IRA can set you up with tax-free retirement income, but watch out for the pitfalls. ... “While the 10-year rule would still apply in this case if your non-spouse beneficiary inherited ...