If you are married and file a joint tax return, you can contribute to an IRA for your spouse in addition to your own IRA. Contributions may be permitted to either a Traditional IRA or a Roth IRA regardless of whether your spouse earns any income or is eligible to participate in an employer-sponsored plan, such as a 401(k).
IRA SPOUSAL CONTRIBUTIONS
Contributions to a Roth IRA are never tax-deductible; however, contributions and any earnings are potentially tax-free for retirement. In order to contribute to a Roth IRA for yourself or your spouse, married couples must have a MAGI of less than $188,000 for tax year 2013 or less than $191,000 for tax year 2014.*
In general, if you plan to stay invested for five years or more, you don't expect your taxable income to significantly decrease in retirement, and you don't plan to withdraw the assets before age 59½, a Roth IRA may be the better choice for long-term retirement savings.
*Married couples with a MAGI greater than $178,000 and less than $188,000 for tax year 2013 or greater than $181,000 and less than $191,000 for tax year 2014 may still be eligible to contribute to a Roth IRA, but will have reduced contribution limits.
- Fully deductible for married couples with modified adjusted gross income (MAGI) of $178,000 or less for tax year 2013 or $181,000 or less for tax year 2014.
- Partially deductible for married couples with a MAGI of more than $178,000 and less than $188,000 for tax year 2013 or more than $181,000 and less than $191,000 for tax year 2014.
Married couples with a MAGI of $188,000 and above for tax year 2013 or $191,000 and above for tax year 2014 may still make, but not deduct, contributions to a Traditional IRA.