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Level 1
posted Apr 1, 2022 7:13:04 AM

IRA contribution for 2021

I am married and filing a joint 2021 tax return.  My spouse has earning from work but I do not.   I have no earning for 2021.   We are both in our mid-50s.  We have an estimated 2021 AGI of less than 100,000.  My spouse contributed some to a retirement plan at work.  I received my pension in 2021.  Turbo tax is showing we can both contribute up to 7,000 each for a traditional IRA.  Can I contribute to a traditional IRA even though I had no earnings?  Does my spouse earnings allow me to contribute?    

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1 Replies
Expert Alumni
Apr 1, 2022 7:29:41 AM

Yes. 

Per IRS:

If you file a joint return, you may be able to contribute to an IRA even if you didn’t have taxable compensation as long as your spouse did. Each spouse can make a contribution up to the current limit; however, the total of your combined contributions can’t be more than the taxable compensation reported on your joint return.