Spousal IRA definition

Spousal IRA means two ▇ontributory Traditional or Roth IRAs es▇▇▇▇ished by a working individual for himself or herself and for the benefit of his or her non-employed spouse. All other capitalized words, terms and phrases not specifically defined shall have and carry the meaning given them under the Code.
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Spousal IRA means a Custodial Account established by, or for the benefit of, an individual who is a nonemployed spouse or a divorced or legally separated spouse of an individual.
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Spousal IRA means a Custodial Account established by or for the benefit of an individual who is a nonemployed spouse or a divorced or legally separated spouse of an individual.
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Examples of Spousal IRA in a sentence

  • 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 70½, regardless of whether or not your spouse has compensation.

  • If a Spousal IRA has been established for a Participant's spouse, a higher amount shall be used in lieu of $2,000.

  • In order to contribute to a Spousal IRA, you must meet the following conditions:  You must be married during the tax year the contributions are made.

  • In order to contribute to a Spousal IRA, you must meet the following conditions: • You must be married during the tax year the contributions are made.

  • Maximum Limit for Regular Individual and Spousal IRA Contributions (Including "Catch-Up Contributions"): Prior to 2002, you were allowed to make a "regular" contribution to your IRA of up to 100% of your compensation, or $2,000, whichever was less.

  • A property transfer is in- qualified retirement plan (such as most pen- Spousal IRA.

  • An individual who is a divorced or legally separated spouse for whom a Spousal IRA was established by such individual's former or separated spouse is an eligible individual.

  • The maximum contribution to the Spousal IRA is the lesser of (a) $2,000, or (b) the combined compensation of both spouses, minus the dollar amount of the IRA contribution made by the compensated (or more highly compensated) spouse.

  • However, if your spouse is not employed you may establish separate individual accounts for you and your spouse (an IRA established for your spouse is referred to as a "Spousal IRA"), and each year you may contribute to both accounts a total not to exceed the lesser of $2,250 or 100% of your compensation.

  • The same rules apply to a spouse's use of his or her Spousal IRA.

Related to Spousal IRA

  • Spousal equivalent means a cohabitant occupying a relationship generally equivalent to that of a spouse.

  • Spousal Consent The undersigned spouse of the Seller hereby consents to the listing of the Property herein pursuant to the provisions of the Family Law Act, R.S.O. 1990 and hereby agrees that he/she will execute all necessary or incidental documents to further any transaction provided for herein.

  • Qualified Preretirement Survivor Annuity is an annuity for the life of the surviving spouse of the Employee Participant or for a designated beneficiary, the actuarial equivalent of which is not less than fifty percent (50%) of the account balance of the Employee participant as of the date of his death.

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of a Participant, with a survivor annuity for the life of the spouse which is not less than 50% and not more than 100% of the amount of the annuity which is payable during the joint lives of the Participant and the spouse, and which is the amount of benefit that can be purchased with the Participant's Vested Account Balance. The percentage of the survivor annuity under the Plan shall be 50%.

  • Eligible Spouse means a spouse of an Eligible Retiree who satisfies the requirements for eligibility described in the Eligibility section of this document, or an ex-spouse who is an Eligible Spouse with rights to coverage as an Eligible Spouse pursuant to a court order recognized by SHARP. A Spouse must be married to retiree at least one year prior to the effective date of retirement. A Spouse married after the retiree’s effective retirement date is considered a non-eligible spouse for purposes of the Plan. [See “Spouse”]