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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.
Senior citizens age 70.5 and over who own an IRA can take advantage of tax-free qualified charitable distributions. They can transfer up to $100,000 per year, counting toward the required minimum ...
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. The spousal IRA is sometimes known as the Kay Bailey ...
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).
A spousal IRA provides tax breaks to married couples and a variety of investment options to choose from. If you are married and looking for ways to set aside more money for retirement, you may ...
Individual retirement accounts provide tax advantages to those who save for retirement. Before investing in an IRA, it can be helpful to understand how IRAs work and what to expect when ...