Donna Henderson
Jul 31 2001, 11:35 AM
Are contributions allowed to an IRA for a spouse (non-working, non income producing) when the the husband works for a company who offers a 401(k) plan and max's himself.
Michael Devault
Jul 31 2001, 01:12 PM
Yes, as long as (a) you file a joint return and (B) your adjusted gross income is less than $150,000.
Take a look at IRS Publication 590 for more information. It's available on the IRS' website.
BPickerCPA
Jul 31 2001, 06:18 PM
Actually, the contribution is allowed regardless of the income. The only limiting factor is that the spouse cannot be 70½ or older in the year of the contribution.
The contribution for the spouse is fully DEDUCTIBLE if income is under $150K.
Barry
Michael Devault
Aug 1 2001, 06:45 AM
As usual, Barry is correct. Thanks for clarifying my response.
Mike
This is a "lo-fi" version of our main content. To view the full version with more information, formatting and images, please
click here.