MEGary
Jun 25 2002, 03:37 PM
I have a person who wants to contribute to an IRA on behalf of his wife and himself...they are both over 50. How much can they put in for 2002?
franky
Jun 26 2002, 08:18 AM
$3,500 or 100% of Compensation if less than $3,500.
papogi
Jun 26 2002, 08:31 AM
If he funds an IRA for himself and a Spousal IRA for her, that $3500 can be doubled to $7000.
Fishchick
Jun 27 2002, 06:38 PM
If they both have $3500 in comp, there is no need for a Spousal IRA contribution.
BPickerCPA
Jun 28 2002, 03:52 PM
Actually, there is no such thing as a spousal IRA contribution. There is just an IRA contribution. Whether it's valid due to her earnings or her spouse's earnings is immaterial, and only of concern in dealing with the IRS.
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