Spousal IRA contribution while getting RMD

Forum|Forum|4 years ago
April 5, 2022
1 reply
18 views

Hello,

Can I contribute to my wife's IRA even if she is getting Required Minimum Distributions?

I worked in 2021 and made enough to cover the 14K for our two contributions.

She withdrew ~10K in RMDs and sees as odd that now she can contribute 7,000 to that same account.

Turbo Tax is telling me that I can and I have seen a post here that says that I can. But I need a direct reply to my situation to convince her that we can or, if not, set me straight.

I also retired in May 2021 and have a pension. She has no pension.

Thank you so much.

MinhT1

Level 15

Yes.

If you have enough earned income, your wife can contribute to a Spousal IRA even if she is taking RMDs.

In fact, the SECURE Act has removed the age cap for contributing to a Traditional IRA.

Please read this IRS document for more information.

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bjlemmon

Level 2

We decided to make a contribution into our IRA this year because it will save us payment to the IRS on our return. On the TurboTax 2022 tax form...one of the questions is "Is this contribution a repayment into the ira account. Do I say "yes". (we had to take the RMD this year)

AbrahamT

Level 8

Say yes. The amount that you enter towards your IRA contribution will serve as a deduction from the taxes that would otherwise have to pay on that distribution. It will considered a rollover to the IRA account and will "NOT" trigger a taxable event. See HERE.

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