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Author: wrndln Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 75383  
Subject: Deductable IRA Date: 1/11/1998 5:06 PM
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First Pixy, thanks for the answer to a question I ask previously. I am covered by a pension plan in my job and make over the $50-60K limit for deductable IRA's. My wife is currently unemployed thus has no wages for contributing to an IRA based on her own earnings. If for the remainder of 1998 she does not work, can she contribute to a deductable IRA? I know she can contribute up to $2k to a Roth or a nondeductable IRA, however I'm not sure about whether a deductable IRA is possible.
Thanks
Rusty
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Author: TMFPixy Big gold star, 5000 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 1221 of 75383
Subject: Re: Deductable IRA Date: 1/11/1998 6:38 PM
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Rusty,

<< I am covered by a pension plan in my job and make over the $50-60K limit for deductable IRA's. My wife is currently unemployed thus has no wages for contributing to an IRA based on her own earnings. If for the remainder of 1998 she does not work, can she contribute to a deductable IRA? I know she can contribute up to $2k to a Roth or a nondeductable IRA, however I'm not sure about whether a deductable IRA is possible.>>

As of January 1, 1998, when one spouse is covered by a retirement plan through work and the other is not (whether employed or not), then the non-covered spouse may make a contribution of up to $2K to a regular, tax-deductible IRA if desired. In your case, you may establish a spousal IRA for your spouse and deduct that contribution.

Regards......Pixy

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