Spousal IRA. If you and your spouse file a joint federal income tax return and your spouse has no compensation (or elects to be treated as having no compensation) for the year, you may establish an IRA for your spouse (a “Spousal IRA”). If you maintain IRAs for yourself and your spouse who has no compensation, you may make combined contributions each year in an amount up to the lesser of 100% of your gross annual compensation or twice the annual contribution limit ($6,000 for 2002, $6,500 for 2002 if only one of you is the age of 50 or older, or $7,000 if both you and your spouse are the age of 50 or older). You may determine how to divide your contributions between the two IRAs, but you cannot contribute more than the annual contribution limit to either IRA. As long as you have compensation, you may continue to make contributions to your spouse’s IRA until the year in which your spouse attains the age of 701⁄ or older.
Spousal IRA. You may contribute to an IRA established for the benefit of your spouse regardless of your spouse’s age. If you are married and have compensation for the taxable year for which the contribution is made. You must file a joint income tax return for the year for which the contribution is made. The amount you may contribute to your IRA and your Spouse’s IRA is the lesser of 100 percent of your eligible compensation or $13,000 for 2023. This amount may be increased with cost-of-living adjustments each year. However, you may not contribute more than the individual contribution limit to each IRA. If your spouse is age 50 or older by the close of the taxable year, and is otherwise eligible, you make an additional contribution to your spouse’s IRA. The maximum additional contribution is $1,000 per year. This amount is subject to possible cost-of-living adjustments each year beginning in 2024.
Spousal IRA. For contributions made for tax years beginning before 2020, if you are married and have compensation, you may contribute to a n IRA established for the benefit of your spouse for any year prior to the year your spouse turns age 70½, regardless of whether or not your spouse has compensation. For contributions made for 2020 and later tax years, you may contribute to an IRA established for the benefit of your spouse regardless of your spouse’s age, if you are married and have compensation. You may make these spousal contributions even if you are age 70½ or older. You must file a joint income tax return for the year for which the contribution is made. The amount you may contribute to your IRA and your spouse’s IRA is the lesser of 100 percent of your combined eligible compensation or $12,000 for 2019 and 2020. This amount may be increased with cost-of-living adjustments each year. However, you may not contribute more than the individual contribution limit to each IRA. If your spouse is age 50 or older by the close of the taxable year, and is otherwise eligible, you may make an additional contribution to your spouse’s IRA. The maximum additional contribution is $1,000 per year.
Spousal IRA. If you are married and have compensation, you may contribute to an IRA established for the benefit of your spouse for any year prior to the year your spouse turns age 701⁄2, regardless of whether or not your spouse has compensation. You may make these spousal contributions even if you are age 701⁄2 or older. You must file a joint income tax return for the year for which the contribution is made. The amount you may contribute to your IRA and your spouse’s IRA is the lesser of 100 percent of your combined compensation or $6,000 for 2002-2004, $8,000 for 2005-2007, and $10,000 for 2008. This amount may be increased with cost- of-living adjustments in 2009 and beyond. However, you may not contribute more than the individual contribution limit to each IRA. If your spouse is age 50 or older by the close of the taxable year, and is otherwise eligible, you may make an additional contribution to your spouse’s IRA. The maximum additional contribution is $500 for years 2002-2005, and $1,000 for years 2006 and beyond.
Spousal IRA. Contributions to a Xxxx XXX Custodial Account for a nonworking spouse must be made to a separate Xxxx XXX Custodial Account established by the nonworking spouse. General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Purpose of Form Form 5305-RA is a model custodial account agreement that meets the requirements of section 408A and has been pre-approved by the IRS. A Xxxx Individual Retirement Account (Xxxx XXX) is established after the form is fully executed by both the individual (Depositor) and the Custodian. This account must be created in the United States for the exclusive benefit of the Depositor and his or her beneficiaries. Do not file Form 5305-RA with the IRS. Instead, keep it with your records. Unlike contributions to Traditional individual retirement arrangements, contributions to a Xxxx XXX are not deductible from the Depositor’s gross income; and distributions after 5 years that are made when the Depositor is 591⁄2 years of age or older or on account of death, disability, or the purchase of a home by a first-time homebuyer (limited to $10,000), are not includible in gross income. For more information on Xxxx IRAs, including the required disclosures the Custodian must give the Depositor, see Pub. 590, Individual Retirement Arrangements (IRAs). Definitions IRA Conversion Contributions. IRA Conversion Contributions are amounts rolled over, transferred, or considered transferred from a nonRoth IRA to a Xxxx XXX. A nonRoth IRA is an individual retirement account or annuity described in section 408(a) or 408(b), other than a Xxxx XXX. Custodian. The custodian must be a bank or savings and loan association, as defined in section 408(n), or any person who has the approval of the IRS to act as custodian.
Spousal IRA. If each spouse has earned income equal to or greater than the annual dollar limit, each may make the maximum contribution to his or her own IRA. If you and your spouse have earned income on a combined basis that is equal to or greater than the combined annual dollar limit, either spouse’s IRA may receive the maximum contri- bution. If one spouse has no earned income, but the other spouse has sufficient earned income, both spouse’s IRAs may receive the maximum contribution.
Spousal IRA. If you are married and your spouse is not employed (or if your employed spouse elects to be treated as having no compensation), you may make contributions to a spousal IRA in addition to your own IRA. The maximum amount contributed to both your own and to your spouse's IRA may not exceed 100% of your compensation or $2,250, whichever is less. In no event, however, may the annual contribution to either your account or your spouse's account exceed $2,000.
Spousal IRA. Xf you are married and your spouse either earns no income or elects to be treated as earning no income during the year, you may make contributions to a Spousal IRA xx addition to your IRA. Xontributions to your IRA xxx your spouse's IRA xxx not exceed 100% of your compensation or $2,250, whichever is less. In no event, however, may the annual contribution to either your IRA xx your spouse's IRA xxxeed the $2,000 limit. Rollover IRA. Xou may make a Rollover IRA xxxtribution by rolling over all or a portion of your distribution or directly transferring the assets from a qualified retirement plan [pension plan, profit-sharing plan, Keogx, 001(k)], 403(b)(7) plan or another IRA xx your Strong Funds IRA. Xhe distribution must be rolled over within sixty (60) days of receipt from the qualified retirement plan. The amount of your IRA Xxxlover contribution or transfer will not be included in your taxable income for the year. However, strict limitations apply to these rollovers and you should seek competent tax advice regarding these restrictions. Direct Rollover IRA. Xou may directly rollover a qualifed retirement or 403(b)(7) plan distribution to an IRA xx avoid the mandatory 20% federal tax withholding on cash distributions. The distribution must be eligible for rollover.
Spousal IRA. Xf you and your spouse file a joint federal income tax return, you may make a Spousal IRA xxxtribution even if your spouse has received compensation during the tax year. Your contribution to a Spousal IRA xxxt not exceed the lesser of (1) $2,000 or (2) the excess of $2,250 (or if less, 100% of your compensation) over your contribution to your Regular IRA. Xote: if your spouse has more than $250 in compensation for the tax year, the two of you may make a larger total contribution if you each contribute to a Regular IRA. XOLLOVER IRA. Xf you retire or change jobs, you may be eligible for a distribution from your employer's retirement plan. To avoid mandatory withholding of 20% of your distribution for federal income tax, and to preserve the tax-deferred status of this distribution, you can transfer it directly to a Rollover IRA. Xf you choose to have the distribution paid directly to you, you will be subject to the 20% withholding rules. You may still reinvest up to 100% of the total amount of your distribution which is eligible for rollover in a Rollover IRA xx replacing the 20% which was withheld for taxes with other assets you own. You must reinvest in a Rollover IRA xxxhin 60 days of receipt of your distribution. The amount invested in a Rollover IRA xxxl not be included in your taxable income for the year in which you receive the qualified plan distribution. DESCRIPTION OF ACCOUNT Your IRA xx a custodial account created for your exclusive benefit. Your interest in the account is nonforfeitable. Employees and self-employed individual are eligible to contribute to an IRA xxxn if they are already covered under another tax-qualified plan. Employers may contribute to IRAs established by their employees, and employers may contribute to IRAs used as part of a Simplified Employee Pension plan ("SEP," described below).
Spousal IRA. Contributions to a Traditional IRA Custodial Account for a nonworking spouse must be made to a separate Traditional IRA Custodial Account established by the nonworking spouse. General Instructions Section references are to the Internal Revenue Code unless otherwise noted. Purpose of Form Form 5305-A is a model custodial account agreement that meets the requirements of section 408(a) and has been pre-approved by the IRS. A traditional individual retirement account (Traditional IRA) is established after the form is fully executed by both the individual (Depositor) and the Custodian and must be completed no later than the due date (excluding extensions) of the individual’s income tax return for the tax year. This account must be created in the United States for the exclusive benefit of the Depositor and his or her beneficiaries. Do not file Form 5305-A with the IRS. Instead, keep it with your records. For more information on IRAs, including the required disclosures the Custodian must give the Depositor, see Pub. 590, Individual Retirement Arrangements (IRAs).
