You will not be able to contribute to an employer retirement plan if you are no longer working, however you can still make a spousal IRA
Called a Kay Bailey Hutchison IRA or spousal IRA
, this is an opportunity to save for retirement and save taxes as well.
Same-sex married couples were denied the ability to file joint tax returns, make spousal IRA
contributions, offset one spouse's income with the other spouse's losses, and generally treat their tax situation the same as opposite-sex married couples.
Keep in mind that included in the 125 laws to date that have been passed and signed by President Barack Obama are some real pressing policy issues like Public Law No: 113-10 which was passed "to specify the size of the precious-metal blanks that will be used in the production of the National Baseball Hall of Fame commemorative coins" and Public Law No: 113-22 "to rename section 219(c) of the Internal Revenue Code of 1986 as the Kay Bailey Hutchison Spousal IRA
With the Spousal IRA
, nonworking wives can contribute a lesser amount, usually up to $5,000.
Eligible individuals may contribute up to the maximum annual contribution amount (see below) to a traditional IRA (and up to the maximum annual contribution amount for a spouse if a traditional spousal IRA
is available) and possibly deduct this amount from their current taxable income.
--A spousal IRA
is one in which a taxpayer's nonworking spouse is permitted to contribute to an IRA based upon the compensation of the taxpayer.
This book, aimed at taxpayers, includes information on retirement distribution planning, IRA beneficiary forms, inherited IRA and spousal IRA
rules, estate planning and retirement accounts, and tax planning.
If you do not work, get your spouse to contribute to a Spousal IRA
for you (the limit is $4,000) so that you can build your savings.
One of the most overlooked retirement planning and funding vehicles is the spousal IRA
An individual may make a deductible contribution to a spousal IRA
for a spouse with less taxable compensation than the individual.
In addition, if your spouse is not working, you might consider getting a spousal IRA