My spouse has little/no income. Can I contribute to my spouse's IRA?

By Denise Appleby AAA
A:



Yes. You may make a Traditional IRA contribution to your spouse's Traditional IRA because you have eligible compensation.



There is no income limit for contributing to a Traditional IRA. However, although your income does not prevent you from making a Traditional IRA contribution, it may make you ineligible to take a deduction for Traditional IRA contribution, or from making a Roth IRA contribution.



To learn more, read Making Spousal IRA Contributions.



RELATED FAQS

  1. Can I purchase mutual funds for my IRA?

    Learn how to invest your IRA assets in mutual funds. Discover a few of the different types of mutual funds available for ...
  2. What are the best ways to plan for retirement?

    Learn the basic steps to creating a solid retirement plan that can support you and your family, and find out how to manage ...
  3. How do Pay As You Go pension plans work?

    Learn how pay-as-you-go pension plans are different than fully funded pension plans and why some government plans are running ...
  4. Who is eligible for a Teacher Retirement?

    Learn about the retirement option, the Teacher Retirement System, offered to teachers and other public school employees, ...
RELATED TERMS
  1. Elder Care

    Elder care, sometimes called elderly care, refers to services ...
  2. Gold IRA

    Definition of Gold IRA
  3. Eligible Transfer

    An IRS-allowed movement of assets into or out of an individual ...
  4. Death Master File (DMF)

    Also known as Social Security Death Index. A list of people whose ...
  5. Leveraged Benefits

    The use – by a business owner or professional practitioner – ...
  6. Peri-Retirement

    A term for the period of time leading up to actual retirement. ...
Related Articles
  1. The Best Way To Build Your Retirement ...
    Retirement

    The Best Way To Build Your Retirement ...

  2. Want To Know How To Save For Retirement? ...
    Retirement

    Want To Know How To Save For Retirement? ...

  3. Could Being A Landlord Pay For Your ...
    Retirement

    Could Being A Landlord Pay For Your ...

  4. Smart Retirement Strategies Even Without ...
    Retirement

    Smart Retirement Strategies Even Without ...

  5. 8 Essential Tips For Retirement Saving
    Investing Basics

    8 Essential Tips For Retirement Saving

Trading Center