My Spouse and I have a total of three IRA accounts. One is hers and two are mine. We each qualify for contirbtutions of up to $7,500 each because of age over 75 and total earned income of $16,000 (all mine). We want to contribute a total of $10,000 this year. Can we contribute the whole $10,000 to one of my IRA's and nothing to hers? Or must we split it between her IRA and one of mine?
No.
You can't contribute more than $7,500 to anyone's IRA.
You can split the $10,000 in any way you like, but no one can contribute more than $7,500.
See this IRS document.
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