I draw a military pension. My wife is a retired teacher and draws a qualified pension, but still works in another field with a 403b. Can she contribute to an IRA?

posted

Yes, she can contribute to an IRA as long as she has taxable compensation. Please see What Is Compensation? for additional information.

Also, if you’re 70 ½ or older, you can't make a regular contribution to a traditional IRA. However, you can still contribute to a Roth IRA and make rollover contributions to a Roth or traditional IRA regardless of your age.

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My ex-wife was in the military for 3 years, & we were married. In 2008, we moved back & bought a house, which I still own. Am I exempt from Repayment of the 5405?

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I draw a military pension. My wife is a retired teacher and draws a qualified pension, but still works in another field with a 403b. Can she contribute to an IRA?