Truth 9 Spousal IRA
Marriage has many benefits, most of which are outside of the purview of this book, but one that definitely is not is the Spousal IRA. Generally, among the requirements for people setting up an IRA to take advantage of the tax-deferred or tax-free benefits provided by a traditional IRA or a Roth IRA is that the person setting up the IRA has earned income from wages, commissions, or self-employment. However, there is one major exception to this rule. Married couples may set up and contribute to two separate IRAs even though only one is employed. A Spousal IRA does not have to be a new IRA. In fact, it is common for the Spousal IRA rules to be applied when a spouse opened her own IRA while she was working, may no ...
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