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Hi @KLR2022,
Commonly known as a Spousal IRA, in the case of only one spouse having earned income, both are still able to fund IRAs up to the applicable limits. In essence, the working spouse funds IRAs for both themselves and the non-working spouse.
For 2023, IRA contribution limits are $6,500 for each individual ($7,500 if 50 or older). This article has more details about Spousal IRAs: Can I Make Spousal IRA Contributions for Retirement?
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‎October 25, 2023
5:00 PM
2,083 Views