I am retired and I receive social security payments and pension payments from previous employers. I have no earned income. I intend to open a spousal IRA using my wife's earned income. My wife's employer does not provide her a retirement plan. Because my wife has no employer retirement plan, and because I am no longer employed, I believe that there should be no AGI based limitation to our IRA deductions. Am I correct?
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You are correct. As your wife is not covered by a retirement plan at work and you are retired, both of you are eligible for a full deduction up to the amount of your contribution limit of $6,000 ($7,000 if you are aged 50 or older).
Please read this IRS document for more information.
You are correct. As your wife is not covered by a retirement plan at work and you are retired, both of you are eligible for a full deduction up to the amount of your contribution limit of $6,000 ($7,000 if you are aged 50 or older).
Please read this IRS document for more information.
Thank you for your advice!
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