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Author: JDOyster Big red star, 1000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75384  
Subject: Re: IRA Questions Date: 8/2/1999 5:26 PM
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3."Also will this spousal IRA account be traditional IRA account or Roth IRA account?"


A "spousal" IRA only means that you opened an account for a spouse who had little-or-no earned income. It can be a traditional IRA or a Roth.

Under normal circumstances, your IRA contribution may only come from your earned income (e.g. wages, tips, etc), and nobody else may make an IRA contribution on your behalf. The only exception is that your spouse, if s/he has earned income, may contribute on behalf. A "Spousal IRA contribution" indicates that you are taking advantage of this exception, but it can be either type of IRA.

4."If it is a traditional IRA account, then is the contribution tax deductable given my
situation?"

I believe yes, but I am no expert. I am sure the other regular posters will chime in if I am incorrect.


It depends on whether you are a participant in a 401(k) or similar plan through work. If you, or your employer, contribute to a qualified retirement plan on your behalf for 1999, you can only deduct an IRA contribution if your AGI is below $41,000 (the deductible amount phases out between $31K and $41K).

If you're not in a 401(k) (or similar) plan, that limit doesn't apply.
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