JillS56
Expert Alumni

Retirement tax questions

Yes, if one spouse has eligible compensation, that spouse can fund an IRA for the non-employed spouse as well as their own IRA provided the couple files a joint federal income tax return.  Traditional and Roth IRAs have the same contribution limits but different eligibility requirements. Each spouse's IRA must be held separately. IRAs cannot be held jointly.   

 

7 things you may not know about IRAs.