I am 70 1/2 my wife is 67 and does not work can i contribute to her spousal IRA
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There is a maximum age limit for traditional IRA contributions, which is 70 1/2. You may be able to use a spousal IRA contribution for a younger spouse to get around this. If you are working and over age 70 1/2, but have a younger non-working spouse who is under age 70 1/2, using the spousal IRA rules, you could make an IRA contribution for them.
There is a maximum age limit for traditional IRA contributions, which is 70 1/2. You may be able to use a spousal IRA contribution for a younger spouse to get around this. If you are working and over age 70 1/2, but have a younger non-working spouse who is under age 70 1/2, using the spousal IRA rules, you could make an IRA contribution for them.
Yes, you may count your earnings to qualify your spouse for an IRA contribution.
Over age 70-1/2, you may no longer make a traditional IRA contribution for yourself; but you are still allowed to make a Roth contribution for yourself.
You may not count the same earnings for both of you. For example if you only had $4000 of earnings for the year, and she contributed $3000 to a traditional IRA, you could contribute no more than $1000 (4000-3000) to a Roth IRA for youself.
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