Can I open a traditional IRA or Roth IRA for a spouse who doesn't work?

Since the contribution limit is only $5,500 a year for IRA's, I'm contemplating opening a Roth IRA for my wife so that we can contribute a total of $11,000 a year. Am I able to do that even though she has no income?

Sort By:
Most Helpful
3 weeks ago

Dawson, Rebecca

Los Angeles, CA
91% of people found this answer helpful

Yes, you can contribute to a spousal IRA for her. Stay-at-home parents, retirees with a spouse who is still working, and others who were unemployed for the year but had a spouse who earned an income can benefit from tax-advantaged retirement savings.

The working spouse may contribute up to $5,500 to his or her own IRA and up to $5,500 for the nonworking spouse as long as the working spouse’s annual income was at least as much as the combined contributions. You can add an extra $1,000 for each spouse who is age 50 or older with the catch-up contributions.

Also, in order to take advantage of this situation you not only have to be married, but your tax filing status must be “married filing jointly.” You cannot make a spousal contribution to an IRA if you are filing separately.

3 weeks ago
3 weeks ago
3 weeks ago
3 weeks ago