{"id":11431,"date":"2021-06-02T23:18:47","date_gmt":"2021-06-02T23:18:47","guid":{"rendered":"https:\/\/udirectira.com\/?p=11431"},"modified":"2021-11-05T15:17:19","modified_gmt":"2021-11-05T15:17:19","slug":"the-spousal-ira","status":"publish","type":"post","link":"https:\/\/udirectira.com\/the-spousal-ira\/","title":{"rendered":"The Spousal IRA"},"content":{"rendered":"<div id=\"attachment_10670\" style=\"width: 160px\" class=\"wp-caption alignleft\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-10670\" class=\"wp-image-10670 size-full lazyload\" data-src=\"https:\/\/udirectira.com\/wp-content\/uploads\/2018\/11\/JeffD_225x150-1.jpg\" alt=\"\" width=\"150\" height=\"225\" src=\"data:image\/gif;base64,R0lGODlhAQABAAAAACH5BAEKAAEALAAAAAABAAEAAAICTAEAOw==\" style=\"--smush-placeholder-width: 150px; --smush-placeholder-aspect-ratio: 150\/225;\" \/><noscript><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-10670\" class=\"wp-image-10670 size-full\" src=\"https:\/\/udirectira.com\/wp-content\/uploads\/2018\/11\/JeffD_225x150-1.jpg\" alt=\"\" width=\"150\" height=\"225\" \/><\/noscript><p id=\"caption-attachment-10670\" class=\"wp-caption-text\">by Jeffrey Dixon, MBA, CISP, SDIP<\/p><\/div>\n<p>With a Spousal IRA (also known as the Kay Bailey Hutchison Spousal IRA), you do not need to earn income to contribute to an IRA account.<\/p>\n<p>As you probably know,\u00a0 you must have your own income from a W-2 job (or from being self-employed) to make an IRA contribution.\u00a0 Here is an exception to that rule.<\/p>\n<p>If your spouse earns income and you do not, you are still allowed to contribute into your own IRA account. This is called the Spousal IRA.\u00a0 This is not so much a kind of IRA as it is an IRS rule.\u00a0 The Spousal IRA contribution can only be made to a <a href=\"https:\/\/udirectira.com\/self-directed-traditional-ira\/\">Traditional<\/a> or <a href=\"https:\/\/udirectira.com\/your-guide-to-the-roth-ira\/\">Roth IRA<\/a> account.\u00a0 <a href=\"https:\/\/www.bankrate.com\/investing\/traditional-ira-vs-roth-ira\/\">It is important to understand the differences. <\/a><\/p>\n<p>The maximum contribution you can make is $6,000 if under the age of 50 and $7,000 if 50+.<\/p>\n<p>A spousal IRA is an excellent way for a spouse who does not earn income to save for retirement. A spousal IRA remains intact even if the spouse without earned income starts to receive pay for work. In this case, they can still contribute to the IRA, according to regular IRA rules.<\/p>\n<h4><strong>Spousal IRA Rules<\/strong><\/h4>\n<ul>\n<li>\u00a0The married couple must file a joint federal tax return.<\/li>\n<li>\u00a0This does not apply to other family relationships.\u00a0 A child cannot contribute to their own IRA because their parents have earned income.\u00a0 The child would have to have their own income<\/li>\n<li>Roth spousal IRA contributions have Modified Adjusted Gross Income (MAGI) limits that must be observed. MAGI can be defined as your household\u2019s adjusted gross income with any tax-exempt interest income and certain deductions added back.<\/li>\n<li>\u00a0Roth IRAs have income limits, so if you make too much you cannot contribute to this type of account.\u00a0 You can contribute to a Roth IRA if your income falls below the Roth limits. You are allowed a prorated contribution if your income falls within the \u201cphase-out\u201d range. If your income exceeds the income range, you will not qualify for a Roth IRA contribution. Be sure to discuss your any contribution with your tax advisor.<\/li>\n<\/ul>\n<h4><strong>40 Years of the Spousal IRA<\/strong><\/h4>\n<p>In 1981, with the passage of the Economic Recovery Tax Act (ERTA), Americans could contribute to an IRA for themselves and their nonworking spouses if they were younger than 70 \u00bd years of age. Today that age would be age 72 (70 \u00bd if you reach 70 \u00bd before January 1, 2020).<\/p>\n<p>To discuss Spousal IRA contributions or other IRA or Solo 401k questions, please contact uDirect IRA Services at 714-980-4936 or email us at info@uDirectira.com.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>With a Spousal IRA (also known as the Kay Bailey Hutchison Spousal IRA), you do not need to earn income to contribute to an IRA account. As you probably know,\u00a0 you must have your own income from a W-2 job (or from being self-employed) to make an IRA contribution.\u00a0 Here is an exception to that&hellip;<\/p>\n","protected":false},"author":5,"featured_media":11432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-11431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Spousal IRA Contribution | uDirect IRA Services, LLC<\/title>\n<meta name=\"description\" content=\"If you don&#039;t earn an income but your spouse does, you are allowed to contribute into your own traditional or Roth IRA with the use of a spousal IRA contribution.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, 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