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Learn how spousal IRAs work for married couples where only one spouse earns income. Find out the contribution limits, tax deductions and benefits of spousal IRAs for 2023 and 2024.

a full deduction up to the amount of your contribution limit. married filing jointly with a spouse who is covered by a plan at work: $230,000 or less. a full deduction up to the amount of your contribution limit. married filing jointly with a spouse who is covered by a plan at work: more than $230,000 but less than $240,000. a partial deduction.

The IRA contribution limits for 2024 are $7,000 for those under age 50, and $8,000 for those age 50 or older. ... up to the contribution limit. If you and/or your spouse are covered by a workplace plan, your eligible deduction limit may be decreased based on your tax-filing status and modified adjusted gross income (MAGI). This is your adjusted ...

Note: For other retirement plans contribution limits, see Retirement Topics – Contribution Limits. For 2024, the total contributions you make each year to all of your traditional IRAs and Roth IRAs can't be more than:. $7,000 ($8,000 if you're age 50 or older), or; If less, your taxable compensation for the year; For 2023, the total contributions you make each year to all of your traditional ...

You can contribute up to $7,000 to your individual retirement account in 2024. The limit increases to $8,000 if you are age 50 and older. ... if the spouse who makes the IRA contribution is ...

Spousal IRA contributions allow a working spouse to put money in their nonworking spouse's retirement account, if they meet these requirements. ... Limit Increases to $23,000 for 2024, IRA Limit ...

Traditional IRA. Deadline to make a contribution for 2024 tax year is April 15, 2025 If neither you nor your spouse is covered by an employer plan, such as a 401(k) or 403(b) Tax filing status Modified Adjusted Gross Income (MAGI) ... however, is subject to certain conditions and limitations, including annual Roth IRA contribution limits, a ...

Traditional IRA Limits for 2025. Contributions to a traditional IRA are tax-deductible in the year of contribution under certain conditions: If you or your spouse are covered by a retirement plan at work and file taxes as a married couple filing jointly, the deductions may be phased out or eliminated based on income and filing status.

Contribution Limits in 2024 – Traditional and Roth IRA contributions: The limit is $7,000 for individuals under 50. For those aged 50 or older, the catch-up contribution raises the limit to $8,000. – Married couples: If both spouses are eligible and over 50, they can contribute up to $16,000 combined—$8,000 each across their individual ...

Roth IRA income limits for 2025 and 2024; Filing status. 2025 Modified adjusted gross income (MAGI) Contribution limit. 2024 Modified adjusted gross income (MAGI) Contribution limit. Row 1 - Cell ...

Anyone with an earned income and their spouses, if married and filing jointly, can contribute to a Traditional IRA. There is no age limit. There are no income limitations to contribute to a non-deductible Traditional IRA, and the maximum contribution per year is $6,500 for tax year 2023 and $7,000 for tax year 2024 ($7,500 for tax year 2023 and $8,000 for tax year 2024 if you're age 50 or over).

For example, the 2024 annual IRA contribution limit is $7,000 ($8,000 if over 50), so the working spouse can contribute $7,000 to their own IRA and another $7,000 to the spousal IRA as long as their earned income is at least $14,000 ($16,000 if over 50). Deciding between traditional and Roth IRAs

In instances in which one spouse has no taxable income, the working spouse can contribute up to the annual contribution limit to a spousal IRA; in 2024 and 2025, it’s $7,000, or $8,000 for those ...

2024 IRA contribution and deduction limits effect of modified AGI on deductible contributions if you are covered by a retirement plan at work ... If you file separately and did not live with your spouse at any time during the year, your IRA deduction is determined under the "single" filing status. Page Last Reviewed or Updated: 01-Aug-2024 Share.

2024 Retirement Plan Contribution Limits Phase-Out Ranges for IRA Deductibility Roth IRA Phase-Out Limits for Contributions IRA and Roth IRA Contribution Limits This chart is only for those who are covered by a company retirement plan. If not covered by a company plan but the spouse is, the phase-out range for 2023 is $218,000 - $228,000 and ...

IRA contribution limit increased for 2024. Beginning in 2024, the IRA contribution limit is increased to $7,000 ($8,000 for individuals age 50 or older) from $6,500 ($7,500 for individuals age 50 or older). ... you can add your spouse’s compensation, reduced by the amount of your spouse’s IRA contribution ($30,000 – $7,000 = $23,000), to ...

In instances in which one spouse has no taxable income, the working spouse can contribute up to the annual contribution limit to a spousal IRA; in 2024, it’s $7,000, or $8,000 for those who are 50 or older. The total contribution to a spousal IRA can’t exceed the taxable income reported on the couple’s joint federal tax return. The ...

The working spouse can contribute to an IRA in the name of the non-working spouse up to the annual contribution limits set by the IRS. For 2024, the IRA contribution limit is $7,000 per person.

This spousal IRA overview article has been updated with information for the 2024 and 2025 tax years. ... And they share all of the same IRS contribution limits, employer-sponsored plan restrictions, income limits, ... It would be more appropriate to refer to the whole thing as “an IRA contribution made with your spouses income”.