Guest MEGary Posted June 25, 2002 Posted June 25, 2002 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?
Guest franky Posted June 26, 2002 Posted June 26, 2002 $3,500 or 100% of Compensation if less than $3,500.
papogi Posted June 26, 2002 Posted June 26, 2002 If he funds an IRA for himself and a Spousal IRA for her, that $3500 can be doubled to $7000.
Guest Fishchick Posted June 27, 2002 Posted June 27, 2002 If they both have $3500 in comp, there is no need for a Spousal IRA contribution.
BPickerCPA Posted June 28, 2002 Posted June 28, 2002 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. Barry Picker, CPA/PFS, CFP New York, NY www.BPickerCPA.com
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