IRA contribution and deductibility

[KB713]

Preparing 2020 tax return.  Considering making an IRA contribution to tax year 2020 in 2021.  Married filing jointly.  I am covered by a retirement plan by my employer.  Spouse is not covered by employer plan.

Does the contribution to an IRA have to be solely in my spouse's name to maximize deductibility?

Can the contribution be made to my existing IRA or would it be best to open a new account under her name?

Confused on if the names matter or not since one of us is covered by employer sponsored retirement plan and one of us is not.

[MaryM428]

Yes, you can contribute to a traditional and/or Roth IRA even if you participate in an employer-sponsored retirement plan (including a SEP or SIMPLE IRA plan).  Just make sure your contribution is in the allowable limits.  

[KB713]

So it does not matter whose name the IRA account is held in - spouse with and employer plan or spouse with out?

[ThomasM125]

You are limited to how much you can contribute to your own IRA, so to maximize your joint contribution, you need to contribute the funds to separate IRA accounts.