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New Member
posted Mar 19, 2024 9:41:40 AM

Can I deposit money withdrawn from spouse IRA into my IRA?

Can a withdrawal from husbands traditional IRA be deposited in the spouse’s IRA?

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2 Replies
Level 15
Mar 19, 2024 9:42:53 AM

No.  Funds withdrawn from the IRA are not taxable compensation.  Only taxable compensation can be used to fund an IRA.

Level 15
Mar 19, 2024 9:51:07 AM

Well, yes but...

 

IRAs are individual accounts.  You can't do a rollover or direct transfer from someone else's account to your account.  You could withdraw money from one account, pay the tax, and then deposit money in a different account and take a tax deduction.  But the deposit will be considered a contribution and will be handled according to all the usual rules for contributions -- such as, you must have compensation from working (a W-2 job or self-employment), your maximum contribution is $7000 for 2024 (or $8000 if over age 50), and whether or not you can deduct the contribution depends on your income and other tax situations.