Spousal Individual Retirement Accounts
A mother smiling at her young daughter. Credit: Huntstock
PDF-2014

Keywords

FY1456

Categories

How to Cite

Leslie, Lisa. 2014. “Spousal Individual Retirement Accounts: FCS3326/FY1456, 11/2014”. EDIS 2014 (9). Gainesville, FL. https://doi.org/10.32473/edis-fy1456-2014.

Abstract

A spouse who stays at home to take care of children or other dependents is likely to have reduced Social Security benefits and will not have access to a workplace retirement plan. So a spousal Individual Retirement Account (IRA) can be an important step to enabling retirement security. An IRA is a tax-advantaged way to accumulate money for retirement. In order to contribute to an IRA you must have taxable compensation. But if your spouse has taxable compensation and you file a joint return, then you can fund an IRA. This 2-page fact sheet was written by Lisa Leslie, and published by the UF Department of Family, Youth and Community Sciences, November 2014.

https://doi.org/10.32473/edis-fy1456-2014
PDF-2014

References

Internal Revenue Service. 2014. Individual Retirement Arrangements (IRAs). Retrieved September 23, 2014 from http://www.irs.gov/Retirement-Plans/Individual-Retirement-Arrangements-(IRAs)-1.

Internal Revenue Service. 2014. IRA Deduction Limits. Retrieved October 23, 2014 from http://www.irs.gov/Retirement-Plans/ci.IRA-Deduction-Limits.com.

Internal Revenue Service. 2014. 2015 IRA Deduction Limits-Effect of Modified AGI on Deduction if You Are Covered by a Retirement Plan at Work. Retrieved October 23, 2014 from http://www.irs.gov/Retirement-Plans/2015-IRA-Deduction-Limits-Effect-of-Modified-AGI-on-Deduction if-You-Are-Covered-by-a-Retirement-Plan-at-Work.

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