An IRA established by a nonworking spouse ( or spouse who has little or no eligible compensation for IRA purposes) to receive a contribution (‘spousal IRA contribution’) made by his/her working spouse.
A spousal IRA can be a Traditional IRA or a Roth IRA .
IRC §219(c)(2), IRC § 219(f)(1). IRC § 408(a), IRC § 408A
Additional Helpful Information
- In order for one spouse to make an IRA contribution on behalf of the other spouse, the following requirements must be met:
- Contribution to one spouse’s IRA cannot exceed the limit in effect for the year
- The IRA cannot be held ‘jointly’
- All other IRA rules apply