Spousal IRA

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  • zeros
    Senior Member
    • Dec 2006
    • 921
    #1

    Spousal IRA

    Client's wife is employed with a retirement plan. Husband has no earned income but does draw out of a IRA on a 1099R form. He is 61. Can the husband contribute the $6000 for 2011.
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    • ChEAr$
      Senior Member
      • Dec 2005
      • 3872
      #2
      Originally posted by zeros
      Client's wife is employed with a retirement plan. Husband has no earned income but does draw out of a IRA on a 1099R form. He is 61. Can the husband contribute the $6000 for 2011.
      Assuming their agi is less than phaseout amounts, yes, he may contribute by virtue of it being a spousal IRA.
      ChEAr$,
      Harlan Lunsford, EA n LA

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        • zeros
          Senior Member
          • Dec 2006
          • 921
          #3
          Adjust Gross Income

          Originally posted by ChEAr$
          Assuming their agi is less than phaseout amounts, yes, he may contribute by virtue of it being a spousal IRA.
          AGI = $57,960.

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