The couple must file a joint tax return in the year of the contribution. The working spouse may contribute up to $2,000 per year to the Spousal IRA and up to $2,000 per year to his or her own IRA. A couple, then, may contribute up to $4,000 per year provided neither IRA receives more than $2,000.
Related Fool Articles
Related Community Blogs
Recent Mentions on Fool.com
- Inherited IRA: 3 Things Every Beneficiary Should Know
- IRA Eligibility: Can I Contribute to an IRA in 2015?
- Take Social Security Early: 3 Keys to Making Your Best Decision
- Here's Why You Might Be Kissing Your Social Security Check Goodbye
- What Your Tax Return Says About You
- Social Security: Key Strategies for Protecting Post-Retirement Income