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.
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Samples: Traditional Individual Retirement Account (Ira) Adoption Agreement, Traditional Individual Retirement Account (Ira) Adoption Agreement, Traditional Individual Retirement Account (Ira) Adoption Agreement
