We are retired teachers. Can my wife contribute to a traditional IRA, our only earned income is around $3000 farm income.
You'll need to sign in or create an account to connect with an expert.
If the farm is in your wife's name and turns a profit, she can contribute an amount equal to or less than the farm profit to an IRA - there are other limiting factors, such as age, but no earned income equals no IRA contribution. She may also be able to contribute to a spousal IRA on your behalf, up to her earned income limit.
If the farm is your operation, you need to correct the ownership and then the same is true, only reversed.
If the farm is in your wife's name and turns a profit, she can contribute an amount equal to or less than the farm profit to an IRA - there are other limiting factors, such as age, but no earned income equals no IRA contribution. She may also be able to contribute to a spousal IRA on your behalf, up to her earned income limit.
If the farm is your operation, you need to correct the ownership and then the same is true, only reversed.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
nativi81
New Member
sunshineInTheRain
Level 3
Eddie 3
New Member
simplyquigley
New Member
bhJogdt
Level 2
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.