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Learning, Sharing, and Teaching => Investor Alley => Topic started by: grr on February 13, 2015, 06:18:39 AM

Title: newly married, checking IRA rules
Post by: grr on February 13, 2015, 06:18:39 AM
I just married in January, but my wife didn't have any income last year.  (She finished law school.)

My understanding is, that since she had no income, we can't put money into a Roth for her for 2014.  I suppose the spousal IRA won't work either, since we married in 2015.

Am I correct about this?  I just want to make sure.  Are there any other tricks that we can take advantage of, now that we're married?
Title: Re: newly married, checking IRA rules
Post by: seattlecyclone on February 13, 2015, 09:54:22 AM
Yes, you're right.
Title: Re: newly married, checking IRA rules
Post by: Bracken_Joy on February 13, 2015, 01:19:40 PM
I just married in January, but my wife didn't have any income last year.  (She finished law school.)

My understanding is, that since she had no income, we can't put money into a Roth for her for 2014.  I suppose the spousal IRA won't work either, since we married in 2015.

Am I correct about this?  I just want to make sure.  Are there any other tricks that we can take advantage of, now that we're married?

Can you explain the spousal IRA? Getting married this summer, still confused on that point for years with no income for one spouse.
Title: Re: newly married, checking IRA rules
Post by: seattlecyclone on February 13, 2015, 01:22:14 PM
Can you explain the spousal IRA? Getting married this summer, still confused on that point for years with no income for one spouse.

If a married couple earns at least $11k between the two of them, they can each make full $5,500 IRA contributions in that year.
Title: Re: newly married, checking IRA rules
Post by: MrMoogle on February 13, 2015, 05:20:45 PM
Can you explain the spousal IRA? Getting married this summer, still confused on that point for years with no income for one spouse.

If a married couple earns at least $11k between the two of them, they can each make full $5,500 IRA contributions in that year.

That's pretty nice for a SAHP.
Title: Re: newly married, checking IRA rules
Post by: MDM on February 13, 2015, 09:50:32 PM
Two sites you may want to bookmark:
http://www.irs.gov/Retirement-Plans/Plan-Participant,-Employee/Retirement-Topics-IRA-Contribution-Limits
http://www.irs.gov/Retirement-Plans/IRA-Deduction-Limits

Then follow the appropriate links within each (i.e., depending on who is/is not covered by a retirement plan at work).