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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. The spousal IRA is sometimes known as the Kay Bailey ...
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.
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 ...
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 ...
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