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How to Use the Spousal IRA Contribution Calculator

To use the Spousal IRA Contribution Calculator, enter the income and age of both spouses, then click on “Calculate” to see the maximum contribution amount for each spouse.

Understanding Spousal IRA Contributions

What is a Spousal IRA?

A Spousal IRA allows a working spouse to contribute to an IRA for a non-working spouse, ensuring both can save for retirement.

Who can contribute to a Spousal IRA?

To be eligible, one spouse must have earned income, and the married couple must file a joint tax return.

FAQs

Can a non-working spouse contribute to an IRA?

Yes, a non-working spouse can contribute to a Spousal IRA as long as the couple files a joint tax return and the working spouse has enough earned income.

Is there an age limit for Spousal IRA contributions?

Yes, contributions can only be made up until the age of 70½ for traditional IRAs, but there is no age limit for Roth IRAs.

What are the contribution limits for a Spousal IRA?

The contribution limits are the same as for individual IRAs, but both spouses can contribute up to the limit.