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Investing/Strategies / Retirement Investing
|Subject: Re: midnight taxes||Date: 2/17/1998 9:13 AM|
|Author: EMulkay||Number: 1820 of 74464|
>>>You are each allowed to contribute up to
$2K to an IRA, and I believe starting this year (effective 1/1/98), if a
spouse doesn't work outside the home, but the couple still has over $4K in
income (and any couple that doesn't certainly isn't likely to be making IRA
contributions anyway), you can contribute $2K to a spousal IRA that is
completely tax deductible, even if you can't make any DEDUCTIBLE
contributions yourself, so you could have 0 & 480 or even 0 & 2K.<<<
Is this true? If so, I would be extremely happy person. I have been wondering for some time why married couples without dual incomes have been penalized by the IRA rules. Just because a spouse doesn't currently have an income doesn't mean that same spouse doesn't need money to retire on...
Pixy, can you please verify this idea for me? I continue to be amazed at the amazing things I have learned just lurking on this board.
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