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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. ... can contribute up to the limit in a Roth IRA. The ...
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 ...
Cannot be converted to a traditional 401(k), but upon termination of employment (or in some plans, even while in service), can be rolled into Roth IRA. Can be converted to a Roth IRA, typically for backdoor Roth IRA contributions. Taxes need to be paid during the year of the conversion. Also, the non-basis portion can be rolled over into a 401 ...
If your MAGI is less than $218,000, you can contribute the full annual limit to each spouse’s Roth IRA. If your MAGI is $218,000 or higher but less than $228,000, your contribution limit is ...
However, the passage in late 2022 of the SECURE Act 2.0 now allows matching funds to be held in a Roth 401(k), meaning you can avoid taxes on a conversion (because you pay taxes when the money ...
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 ...