It’s often hard for married couples to save for retirement when one spouse doesn’t work. An IRA contribution is generally only allowed if you have compensation. However, an exception exists. A spousal IRA allows a contribution to be made for a nonworking spouse.
Tag Archives | Deductible IRA Contributions
You still have time to make your 2018 traditional and Roth IRA contributions. The deadline for most taxpayers is April 15, 2019. If you qualify, deductible contributions to traditional IRAs can lower your 2018 tax bill. Even nondeductible contributions can be beneficial because of tax-deferred growth. The 2018 contribution limit is $5,500 (plus $1,000 for […]