No. of Recommendations: 0
Well, I have looked at IRS pub 590 and got crosseyed before getting through the 100 pages. Browsed back on the posts here but did not see htis topic, thought some of you could answer it easier than I could sift it out.

My wife and I have both been contributing to our Roth IRAs for a few years. Now my wife is staying at home with the kids, and does not have an earned income. I'd still like to contribute to her IRA. The rules state you must have an earned income.

But I read somewhere about the spousal IRA and it appears this provision allows me to contirbute for her as long as we file jointly.

Does this mean I would have to open a new account, or would I just keep contributing to her existing Roth? Additional paperwork invovled with this, or can I just start contributing?

Dozer
Print the post  

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
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.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
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.
Advertisement