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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 ...
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.
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 ...
How much you can contribute to your Roth IRA is set by the Internal Revenue Service (IRS). ... 2024 tax year. You can open and contribute to a Roth IRA for the 2024 tax year until Tuesday, April ...
“Employees can transfer money from their traditional (pre-tax) 401(k) to a Roth 401(k) in the same plan,” Schleifer said. “Employees pay taxes on the converted amount.