Skip to main content
No. of Recommendations: 2
telegraph:

{{{Question 3: Can me and my wife both contribute our annual max allowance into one IRA account or do we have to have separate IRA's?}}}

"You both can contribute to ONE IRA only if one of you is not working. You need two IRAs, if each of you is eligible to contribute."

The first sentence is wrong. Both spouses can never contribute to only one IRA. In addition, even if one spouse is not working, the non-working spouse can be eligible for a "spousal IRA" based on the working spouses income. Each spouse must always contribut (or not contribute) to their own IRA; there are no Joint IRAs!

Regards, JAFO


Print the post  

Announcements

The Retirement Investing Board
This is the board for all discussions related to Investing for and during retirement. To keep the board relevant and Foolish to everyone, please avoid making any posts pertaining to political partisanship. Fool on and Retire on!
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.
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.