I see what you're saying:
"For 2024, if you file a joint return and your taxable compensation is less than that of your spouse, the most that can be contributed for the year to your IRA is the smaller of the following two amounts.
$7,000 ($8,000 if you are age 50 or older).
The total compensation includible in the gross income of both you and your spouse for the year, reduced by the following two amounts.
Your spouse's IRA contribution for the year to a traditional IRA.
Any contributions for the year to a Roth IRA on behalf of your spouse.
This means that the total combined contributions that can be made for the year to your IRA and your spouse's IRA can be as much as $14,000 ($15,000 if only one of you is age 50 or older, or $16,000 if both of you are age 50 or older).
BUT while this gives limits as to what can be contributed for the person with the lesser income, it says nothing about not being able to use the lesser earned income to max out the other's IRA especially when that lesser earner was covered by a retirement plan. Phrases like "you can't contribute more than your combined earned income" and "it doesn't matter which spouse earned the income" leads me to believe the scenario I propose is within the spirit of the law and I will be contacting the IRS to find out for sure.
