Spousal IRA definition

Spousal IRA means two xontributory Traditional or Roth IRAs esxxxxished 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.
Sample 1Sample 2
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.
Sample 1
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.
Sample 1

Examples of Spousal IRA in a sentence

  • If either you or your spouse is an active participant in an employer-sponsored retirement plan, the allowable tax deduction for a Spousal IRA for that year may be reduced or eliminated in accordance with the rules explained in the answer to Question 6.

  • A working spouse also can elect in any year to be treated as having no compensation for that year in order to be eligible for a Spousal IRA.

  • If either spouse is ineligible to establish an IRA, the other spouse may be permitted to establish a Spousal IRA.

  • There is also a "Spousal IRA" which you may be able to set up for your spouse.

  • You may make an annual contribution to your IRA up to a maximum of $2,000 (or $2,250 for a Spousal IRA) or 100% of your compensation, whichever is less.

  • Unlike annual contributions, rollover contributions are not subject to the yearly $2,000 (or $2,250 in the case of the Spousal IRA) or 100% of compensation limitation.

  • Provided your spouse does not make a contribution to an IRA, you may set up a Spousal IRA consisting of an account for your spouse as well as an account for yourself.

  • For a Spousal IRA, the maximum annual contribution shall not exceed the lesser of $2,250 or 100% of compensation, with no more than $2,000 being contributed to either spouse's 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.

  • Provided the spouse does not make a contribution to an IRA, a Spousal IRA which separately accounts for the Owner's interest and the spouse's interest can be established.

Related to Spousal IRA

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

  • Spousal Consent has the meaning set forth in Section 7.19.

  • Qualified Preretirement Survivor Annuity means an annuity which is payable for the life of the Participant's surviving spouse.

  • Qualified Joint and Survivor Annuity means an immediate annuity for the life of the Participant with a survivor annuity for the life of the Spouse which is fifty percent (50%) 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 which can be purchased with the Participant's Vested Account Balance.

  • 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”]

  • Joint and Survivor Annuity means an immediate annuity for the life of a Participant with a survivor annuity for the life of the Participant's Spouse which is not less than fifty percent (50%), nor more than one hundred percent (100%) of the amount of the annuity payable during the joint lives of the Participant and the Participant's Spouse which can be purchased with the Participant's Vested interest in the Plan reduced by any outstanding loan balances pursuant to Section 7.4.

  • Surviving Spouse means the widow or widower, as the case may be, of a Deceased Participant or a Deceased Beneficiary (as applicable).

  • Single Life Annuity means a Participant’s Grandfathered Benefit and/or 409A Benefit, as applicable, payable as an annuity in equal monthly installments over the life of the Participant, commencing as of the Payment Date and terminating in the month in which the Participant dies, with no further payments thereafter.

  • Annuity means a stated sum payable periodically at stated times during life or during a specified or ascertainable period of time under an obligation to make the payments in return for adequate and full consideration in money or money's worth.

  • Spouse means, an individual who,

  • life annuity means an annuity payable under a policy issued to an SRS member for a term ending with, or at a time ascertainable only by reference to, the end of his life;

  • Qualified beneficiary means a beneficiary who, on the date the beneficiary's qualification is determined:

  • Joint Annuitant means the individual specified as such in the Data Pages. The Joint Annuitant must be the spouse of the Annuitant on the Contract Date.

  • Income beneficiary means a person to whom net income of a trust is or may be payable.

  • Annuitant means a person who receives a retirement allowance or a disability allowance;

  • Domestic Partner means an opposite or a same-sex partner who is at least 18 years of age and has met all of the following requirements for at least 6 months:

  • Pre-Retirement Survivor Benefit means the benefit set forth in Article 6.

  • Contingent Annuitant is the natural person who becomes the Annuitant if the Annuitant dies prior to the Income Date.

  • Registered domestic partner means an individual joined in a domestic partnership that is registered by a county clerk in accordance with ORS 106.300 to 106.340.

  • Designated Beneficiary means the beneficiary or beneficiaries the Participant designates, in a manner the Administrator determines, to receive amounts due or exercise the Participant’s rights if the Participant dies or becomes incapacitated. Without a Participant’s effective designation, “Designated Beneficiary” will mean the Participant’s estate.

  • Beneficiary(ies means the beneficiary(ies) designated by the Participant who are entitled to receive any distributions from the Plan payable upon the death of the Participant.