I am self-employed, but my business took a loss in 2016. Spouse is covered by retirement plan at work. Can I

[dppencil]

still contribute to my IRAs (trad and Roth) for 2016?  We are both 65+ but under 70.5.

[dmertz · Accepted solution]

Although you yourself do not have eligible compensation to support an IRA contribution, you can make a spousal traditional or Roth IRA contribution for 2016 based on your spouse's eligible compensation in 2016:

Kay Bailey Hutchison Spousal IRA:  https://www.irs.gov/publications/p590a/ch01.html#en_US_2016_publink1000230444