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UPDATED FOR TAX YEAR 2019
Yes, your wife can contribution to a traditional IRA as long as she is not yet age 70-1/2. [There is no age limit to contributions to a Roth IRA.] You can make a contribution for the 2019 tax year up to the tax-filing deadline, which has been extended to July 15, 2020.
HOWEVER, for 2019, the most that can be contributed to a traditional IRA generally is the smaller of the following amounts.
• $6,000 ($7,000 if you are age 50 or older).
• Your taxable compensation for the year.
The deduction would also be limited because she had an employer-sponsored retirement plan at work.
Are you still working? If you file a joint return, your wife may be able to contribute to an IRA even if she did not have taxable compensation, as long as you did. The amount of your combined contributions can’t be more than the taxable compensation reported on your joint return. See the formula in IRS Publication 590-A.
For more details on IRAs, please see the following IRS Publications:
[Edited | 4/9/2020 | 10:45am PDT]
UPDATED FOR TAX YEAR 2019
Yes, your wife can contribution to a traditional IRA as long as she is not yet age 70-1/2. [There is no age limit to contributions to a Roth IRA.] You can make a contribution for the 2019 tax year up to the tax-filing deadline, which has been extended to July 15, 2020.
HOWEVER, for 2019, the most that can be contributed to a traditional IRA generally is the smaller of the following amounts.
• $6,000 ($7,000 if you are age 50 or older).
• Your taxable compensation for the year.
The deduction would also be limited because she had an employer-sponsored retirement plan at work.
Are you still working? If you file a joint return, your wife may be able to contribute to an IRA even if she did not have taxable compensation, as long as you did. The amount of your combined contributions can’t be more than the taxable compensation reported on your joint return. See the formula in IRS Publication 590-A.
For more details on IRAs, please see the following IRS Publications:
[Edited | 4/9/2020 | 10:45am PDT]
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