Do I need to open new IRA for my 2024 IRA contribution

[Mitzy20]

TT says my spouse and I are eligible to make an IRA contribution.
I have an existing IRA, my husband does not - his would be a spousal IRA.

I assume a new IRA can be opened for him.

Can I contribute to an existing IRA  for tax year 2024? 

[MinhT1]

Yes.

If you are eligible to contribute to an IRA, you can contribute to an existing IRA.

For the Spousal IRA, your husband has to open a new IRA in his name to contribute.

[Mitzy20]

Hi MinhT1,

"For the Spousal IRA, your husband has to open a new IRA in his name to contribute."

He would indicate this contribution is for tax year 2024, but could he at some point roll this IRA into an existing SEP-IRA that he has? Note he is retired and no longer contributes to the SEP-IRA.

If he can roll over the new IRA, at what point could he do that?

Thanks

[MinhT1]

Yes, he can rollover the Traditional IRA to his existing SEP IRA, as both are considered pre-tax retirement accounts. 

He can decide to do the rollover at any time. The rollover is not taxable.