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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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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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Thanks for the information on spousal IRAs - you're very fast.

--------Ug
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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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I thank you for responding to my question in regard to spousal IRAs.
Have a good day.
------------------Ug
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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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