Individual Retirement Arrangements (IRAs)

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Frequently Asked Tax Questions

Individual Retirement Arrangements (IRAs) - Traditional IRA

I want to establish a traditional individual retirement arrangement (IRA) for my spouse, and I need additional information. What is the most I can contribute to a spousal IRA during the tax year?
Can I take an IRA deduction for the amount I contributed to a 401(k) plan last year?

Rev. date: 1/19/2011

Can You Contribute to a Roth IRA for Your Spouse?

Contributions (IRAs & Pension Plans)

Individual Retirement Arrangement

Tax Law Changes

Traditional IRA

If both you and your spouse work and both have taxable compensation, each of you can generally contribute to a separate traditional IRA. In addition, subject to certain limitations, if you file a joint return and the amount of your taxable compensation is less than your spouse’s taxable compensation, each of you can contribute to a separate traditional IRA based on your combined compensation, even if one of you has little or no compensation
The amount that you can contribute to each IRA is subject to a limit that can be found in Publication 590.
Your total contribution to both your IRA and the spousal IRA for this year is limited by certain factors such as your taxable compensation, contributions to a traditional and Roth IRA and your age.

Additional Information

Publication 590 Individual Retirement Arrangements (IRAs)Tax Topic 451 Individual Retirement Arrangements (IRAs)

Rev. date: 1/31/2011

The amount contributed to a 401(k) account cannot be used as an IRA deduction.

This 401(k) contribution is already excluded from your Federal (and most state and local) taxable income, as it is not included in box 1 taxable wages of your W-2 form. Note, this answer assumes there is no deemed IRA within the 401(k) plan.

Additional Information

Publication 560 Retirement Plans for Small Business (SEP Simple and Qualified Plans)Publication 575 Pension and Annuity Income Tax Topic 424 401(k) plans

Previous Page | Table of Contents | Top of Page | Next Page Right Arrow

Frequently Asked Tax Questions

Individual Retirement Arrangements (IRAs) - Traditional IRA

I want to establish a traditional individual retirement arrangement (IRA) for my spouse, and I need additional information. What is the most I can contribute to a spousal IRA during the tax year?

Can I take an IRA deduction for the amount I contributed to a 401(k) plan last year?