Your Financial Future:
Spousal IRAs For Non-Earning Spouses
Download Fact Sheet.In the past few years, the rules have changed for spousal IRAs; the amount that is eligible for deduction has changed and the rules governing the eligibility of the “spouse” have changed. As a spouse, you can contribute to either a Roth IRA or traditional IRA.
- In 2013, a full-time homemaker is eligible for an IRA contribution of up to $5,500 annually. If you are age 50 or older you may contribute a $1,000 as a catch-up contribution or $6,500.
- If your spouse was not covered at any time during the year by an employer retirement plan, you are eligible to deduct a full IRA contribution of $5,500 (or $6,500 if you are 50 or older); there is no income limit.
- If your spouse was covered by an employer retirement plan at any time during the year for which contributions were made, your deduction may be reduced if you are contributing to a traditional IRA.
- If your spouse is covered by an employer retirement plan, as long as the couple’s total income is less than $178,000, the at-home spouse can take a full $5,500 deduction (or $6,500 if you are 50 or older).
- There is a phased-in deduction if the couple’s total income is more than $178,000 and less than $188,000.
- If your spouse is covered by an employer retirement plan, and your total income is more than $188,000, you cannot make deductible contributions to an IRA.