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I maxed out my retirement plans at 24K can my non-working spouse contribute to a Roth or Traditional IRA?

 
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I maxed out my retirement plans at 24K can my non-working spouse contribute to a Roth or Traditional IRA?

Yes. If you filed a joint tax return, you may be able to contribute to an IRA even for a non-working spouse. However, the amount of your combined contributions cannot be more than the taxable compensation reported on your tax return. See the formula in IRS Publication 590-A.

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Highlighted
Level 4

I maxed out my retirement plans at 24K can my non-working spouse contribute to a Roth or Traditional IRA?

Yes. If you filed a joint tax return, you may be able to contribute to an IRA even for a non-working spouse. However, the amount of your combined contributions cannot be more than the taxable compensation reported on your tax return. See the formula in IRS Publication 590-A.

View solution in original post