My husband and I would each like to contribute $5500 to a traditional IRA to receive the credit. Neither of our employers offer a plan. Can we contribute to one account?

Forum|Forum|7 years ago
June 1, 2019
4 replies
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Best answer by JohnW15

No, that's not permitted under current tax law. A married couple cannot have a joint IRA, but each spouse can have their own separate IRA account.

For more information, see Who Can Open a Traditional IRA? in IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).

[Edited 03|18|2020 1:22 pm]

JohnW15Answer

Level 10

No, that's not permitted under current tax law. A married couple cannot have a joint IRA, but each spouse can have their own separate IRA account.

For more information, see Who Can Open a Traditional IRA? in IRS Publication 590-A, Contributions to Individual Retirement Arrangements (IRAs).

[Edited 03|18|2020 1:22 pm]

jennyuhrAuthor

Level 2

We've already made the contribution to one account because we weren't aware this was the case. Is this terrible? Would it result in a fine if we were ever audited?

My husband and I would each like to contribute $5500 to a traditional IRA to receive the credit. Neither of our employers offer a plan. Can we contribute to one account?

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