IRA Contributions

[Ihatetaxes10]

If I have earned income but my wife does not, can I contribute $7000 to her IRA for 2021 if we file jointly?

[Bsch4477]

Yes, if she is age 50 or over. 

[Ihatetaxes10]

Many thanks.

[PattiF]

Yes, you can make a contribution for your wife as long as it isn't more than the taxable compensation reported on the return.

This is a spousal IRA:

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. See the Kay Bailey Hutchison Spousal IRA Limit in Publication 590-A.