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
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
Thanks for the information on spousal IRAs - you're very fast.--------Ug
<<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 FAQHope this helpsbuzman
I thank you for responding to my question in regard to spousal IRAs. Have a good day. ------------------Ug
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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