Common use of Spousal XXX Clause in Contracts

Spousal XXX. For contributions made for tax years beginning before 2020, if you are married and have compensation, you may contribute to an XXX 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 XXX 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 XXX and your spouse’s XXX 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 XXX. 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 XXX. The maximum additional contribution is $1,000 per year.