Question

IRA Contribution

Forum|Forum|6 years ago
February 26, 2020
2 replies
0 views

I reached 70 and a half in 2019. I have part time earned income. I can't contribute to my Trad IRA but can my wife to hers. She has no earned income and was not 70 and a half in 2019. We have 401-K pensions

We file jointly. Can she contribute to her IRA?

D

dmertz

Employee

Yes, she can make a spousal IRA contribution based on your earned income.

K

KatrinaB48

Yes, you can count your earnings and use the non-spousal rules. According to the IRS, if you file a joint return, you may be able to contribute to an IRA even if you did not have taxable compensation as long as your spouse did. However, the combined contribution amount cannot be more than the taxable compensation reported on your return. Please view this IRS link for more information.

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