No. of Recommendations: 0
>>>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.


Print the post  


The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and Glassdoor #1 Company to Work For 2015! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.