What is a Spousal IRA?

Submitted by John Cooney on Nov 18, 2019

One of the requirements the IRS has in place for contributing to an IRA is that the person has to have earned income that is equal to or higher than the amount they are contributing.  What this requirement did not address were those households with only one working spouse.  Thus, the Spousal IRA was born.

Retirement, Roth IRA, IRA, Taxes
Subscribe to IRA