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.
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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

  • Your employer is required to provide you with information that describes the terms of your employer’s SEP plan.B. 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 during any taxable year you engage in a so‐called “prohibited transaction” with respect to your regular IRA, Spousal IRA, SEP‐IRA, or Rollover IRA, the account will lose its tax‐ exempt status.

  • Your employer is required to provide you with information that describes the terms of your employer’s SEP plan.B. 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 701⁄2, regardless of whether or not your spouse has compensation.

  • Ed contributed $5,500 to his traditional IRA and $5,500 to a traditional IRA for Sue (a Kay Bailey Hutchison Spousal IRA).

  • In her case,$5,500 is her contribution limit, because $5,500 is less than $24,500 (her compensation for purposes of figuring her contribution limit).Filing StatusGenerally, except as discussed earlier under Kay Bailey Hutchison Spousal IRA Limit, your filing status has no ef- fect on the amount of allowable contributions to your tradi- tional IRA.

  • Generally, you can deduct the lesser of the contributions to your traditional IRA for the year or the general limit (or Kay Bailey Hutchison Spousal IRA limit, if applicable) just explained.

  • How Much Can You Deduct?Generally, you can deduct the lesser of:• The contributions to your traditional IRA for the year, or• The general limit (or the Kay Bailey Hutchison Spousal IRA limit, if applicable) explained earlier un- der How Much Can Be Contributed.However, if you or your spouse was covered by an em- ployer retirement plan, you may not be able to deduct this amount.

  • 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 you and your spouse file a joint federal income tax return, you may make a Spousal IRA contribution, even if your spouse has not received compensation during the tax year.

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 “life annuity contract” as defined in Pension Legislation that conforms with the Act and Pension Legislation;

  • Spousal support order means a support order for a spouse or former spouse of the obligor.

  • Dependant child means a dependant person who is aged 0–17 years of age.

  • 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.

  • Military spouse means a person who is married to a military service member.

  • Participating Marriage and Family Therapist means a Marriage and Family Therapist who has a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield Plan to provide services to you at the time services are rendered.

  • Non-Participating Marriage and Family Therapist means a Marriage and Family Therapist who does not have a written agreement with the Claim Administrator or another Blue Cross and/or Blue Shield Plan to provide services to you at the time services are rendered.

  • 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 individual or individuals designated in the Application by the Subscriber(s) to whom, or on whose behalf, Educational Assistance Payments are agreed to be paid, provided such individual qualifies under the Applicable Legislation and the Plan at the time such payments are made;