Preparing 2020 tax return. Considering making an IRA contribution to tax year 2020 in 2021. Married filing jointly. I am covered by a retirement plan by my employer. Spouse is not covered by employer plan.
Does the contribution to an IRA have to be solely in my spouse's name to maximize deductibility?
Can the contribution be made to my existing IRA or would it be best to open a new account under her name?
Confused on if the names matter or not since one of us is covered by employer sponsored retirement plan and one of us is not.
