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Question

Traditional IRA for spouse not working

Forum|Forum|1 year ago
February 15, 2025
2 replies
0 views

I am working on my taxes, I am retired, my wife still works, the home and business software will not allow me to put money into my traditional IRA account. I thought a spouse could do this.

IRA

Employee

Why are you using the Home & Business version? Does one of you have a self employment business on Schedule C? Does she have any W2 income?

For an IRA contribution. If you only have self-employment income you can only contribute up to your net profit reduced by the deduction allowed for one-half of your self-employment taxes then only up to the max IRA limit.

Employee

Also, to be eligible to make a spousal IRA contribution you must file jointly and the spouse making the spousal contribution must be the one with the lower compensation.