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Spousal IRA
(redirected from Spousal IRAs)

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Spousal IRA
An individual retirement account in the name of an unemployed spouse.
Spousal IRA
An IRA where the beneficiary the spouse of the person making the contributions. This provides a steady stream of income for the spouse after the contributor's retirement or death, especially when he/she has little or no other income. This is especially useful should the spouse who earns the income die prematurely. A spousal IRA has the same terms as any other IRA and may be either a traditional IRA or a Roth IRA.
spousal IRA
An individual retirement account in the name of a nonworking spouse. A spousal IRA may be funded by the working spouse up to a maximum amount established by law. There is also a limit on annual contributions to the combination of IRAs of the working and nonworking spouses.
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Spousal IRAs can benefit non-working spouses in a variety of situations, whether they’re retired, a stay-at-home parent, or temporarily unemployed.
Roth IRA Contribution Rules by Kimberly Lankford, Contributing Editor, / Kiplinger.com
SPOUSAL IRAs Previously, the nonworking spouse in a one-earner couple could make a deductible contribution of only $250 to his or her IRA.
Tax legislation affecting individuals in 1996 by Fiore, Nicholas / Journal of Accountancy
Increased Spousal IRAs If taxpayers have contributed the maximum allowed to various tax-deferred programs, they should consider contributions to IRAs, particularly for nonworking spouses, who will be permitted a $2,000 spousal IRA contribution beginning in 1997 instead of the $250 currently permitted if the combined compensation of both spouses is at least equal to the amount contributed to the IRA.
Individual retirement accounts: early withdrawals and changes for 1997 by Foss, Helga B. / The National Public Accountant
 
 
 
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