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Author: uglierthanme Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76422  
Subject: Spousal IRA ? Date: 1/16/2003 11:47 AM
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Okay,I know this information is avaiable from a lot of different sources and no doubt has been posted here when I was asleep, but-----

What's the deal on a spousal IRA? No income needed, correct?
Same limits as far as amount and time for withdrawals?
Anything else one should know?
I know I need to pay closer attention.

THANKS---------------UG
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Author: Hyperborea Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 35565 of 76422
Subject: Re: Spousal IRA ? Date: 1/16/2003 2:31 PM
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What's the deal on a spousal IRA? No income needed, correct?

Correct.

Same limits as far as amount and time for withdrawals?

Correct.

Anything else one should know?
I know I need to pay closer attention.


Phaseout of deductibility starts at $150K/annum and is completely gone by $160K/annum.

Hyperborea


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Author: uglierthanme Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 35566 of 76422
Subject: Re: Spousal IRA ? Date: 1/16/2003 3:07 PM
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Thanks for the information on spousal IRAs - you're very fast.

--------Ug

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Author: buzman Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 35569 of 76422
Subject: Re: Spousal IRA ? Date: 1/16/2003 10:23 PM
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<<Anything else one should know?>> You can contribute the lesser of 3k per spouse or total income. Shouldn't be too much of a hill for a climber.

<<I know I need to pay closer attention.>> www.irs.gov IRS Pub. 590
Also Tax Strategies FAQ

Hope this helps

buzman


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Author: uglierthanme Two stars, 250 posts Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 35570 of 76422
Subject: Re: Spousal IRA ? Date: 1/17/2003 3:19 PM
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I thank you for responding to my question in regard to spousal IRAs.
Have a good day.
------------------Ug

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Author: BiologyFool Three stars, 500 posts CAPS All Star Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: 35571 of 76422
Subject: Re: Spousal IRA ? Date: 1/17/2003 5:45 PM
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You can contribute the lesser of 3k per spouse or total income.

Per spouse? You mean I'm allowed to have more than one?




-BF (who realizes "per spouse"="per person in couple")

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