Common use of Spousal IRA Clause in Contracts

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. You may contribute to an IRA established for the benefit of your spouse regardless of your spouse’s age. If , 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 Spousespouse’s IRA is the lesser of 100 percent of your combined 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 may 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. 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 14,000 for 20232024. 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.