Skip to main content
Message Font: Serif | Sans-Serif
 
No. of Recommendations: 0
I have researched this question, web site after web site. I can't find the answer, so I just thought I'd ask.

My wife does not have earned income. She has an IRA from a qualified 401k roll over. We have no intent to ever roll it back to another qualified plan so I am not worried about keeping it's qualified status.

I want to contribute $2,000 to her IRA without having to set up a new IRA account. The fool site on IRA's list ten types of IRA's, Spousal IRA is one of them. We qualify for that type of an IRA for her contribution.

My question is, can I contribute her spousal $2,000 to her existing qualified IRA rollover account instead of having to set up an specific spousal IRA account? I really do not want another investment account to track if I can avoid it.
Print the post Back To Top
No. of Recommendations: 0
Hi paryping:

I know of no reason you couldn't deposite the 2K in your wife's existing spousal IRA, as long as you are still working and have earned income. I know that my wife and I could no longer contribute to our IRAs after we retired, because you must have earned income.

Now I'm not an expert on this subject, so I think you ought to look at the real web site for this kind of info. The horses mouth is:

http://www.irs.gov

It may take you awhile poking around in there, but you will find the correct answer there for sure.

Fool on parypingfool

The Nerdifool
Print the post Back To Top
No. of Recommendations: 0
I have researched this question, web site after web site. I can't find the answer, so I just thought I'd ask.

My wife does not have earned income. She has an IRA from a qualified 401k roll over. We have no intent to ever roll
it back to another qualified plan so I am not worried about keeping it's qualified status.

I want to contribute $2,000 to her IRA without having to set up a new IRA account. The fool site on IRA's list ten
types of IRA's, Spousal IRA is one of them. We qualify for that type of an IRA for her contribution.

My question is, can I contribute her spousal $2,000 to her existing qualified IRA rollover account instead of having to
set up an specific spousal IRA account? I really do not want another investment account to track if I can avoid it.


Good thing Congress is making the tax laws simpler. You might have had to hire a CPA to help you out.

You can put the 2,000 in the existing IRA.
Print the post Back To Top
No. of Recommendations: 0
Greetings, ParyPing, and welcome. You wrote:

<<My wife does not have earned income. She has an IRA from a qualified 401k roll over. We have no intent to ever roll it back to another qualified plan so I am not worried about keeping it's qualified status.

I want to contribute $2,000 to her IRA without having to set up a new IRA account. The fool site on IRA's list ten types of IRA's, Spousal IRA is one of them. We qualify for that type of an IRA for her contribution.

My question is, can I contribute her spousal $2,000 to her existing qualified IRA rollover account instead of having to set up an specific spousal IRA account? I really do not want another investment account to track if I can avoid it.>>


You sure can. On doing so, you will "taint" the money in the rollover/conduit IRA, and that will forevermore prohibit a transfer to a new employer's 401k plan. You said your spouse has no intention of doing such a transfer, so that shouldn't be a problem to her. Thus, you may treat that rollover/conduit IRA as a run of the mill traditional IRA for the purposes of making a spousal contribution.

Regards..Pixy
Print the post Back To Top