Spousal Xxxx IRAs. If you and your spouse file a joint federal income tax return and your spouse has an earned income for the year that is less than yours, you may make contributions to a Xxxx XXX established for the benefit of your spouse. The amount you may contribute to your Xxxx XXX and to a separate Xxxx XXX in your spouse’s name (“Spousal Xxxx XXX”) is the lesser of 100% of your combined AGI (as described in Section 3(b) of this Disclosure Statement) or twice the annual contribution limit ($10,000 for 2008, $11,000 for 2008 if only one of you is the age of 50 or older, or $12,000 if both you and your spouse are 50 years of age or older). However, you may not contribute more than the annual contribution limit to either a Xxxx XXX for any year, and the total annual contribution to all IRAs (both Traditional and Xxxx) may not exceed the annual contribution limit. If you establish a Spousal Xxxx XXX, the rules concerning Xxxx IRAs described in this Disclosure Statement apply equally to your spouse.
Appears in 5 contracts
Samples: Ira Adoption Agreement, Arbitration Agreement, Hewitt Financial Services
