1. Home
  2. Taxes General Forum
  3. Over 60 wife has no income can I contribute to her traditional IRA account??

Over 60 wife has no income can I contribute to her traditional IRA account??

I have several questions re a traditional IRA. I'm 60 and so is my wife. I earned 50K from a US govt retirement annuity last year plus 15K from self employment consulting. My wife had no earnings.

Can I contribute $3500 to my IRA account AND hers??

If so will the $7000 be deductible for 2005 tax purposes??

Do I have to file a 8606??

Thanks for your help!

Vic

> > > > > > >
Reply to
victor
Loading thread data ...

Yes, if the 15K were earnings.

Probably. Not really enough information.

Only if the IRA is nondeductible.

Reply to
Dave Filpus

No, you can contribute up to $4,500 to each IRA. :-)

Yes

Only if you DON'T claim a deduction.

Reply to
Herb Smith

BeanSmart website is not affiliated with any of the manufacturers or service providers discussed here. All logos and trade names are the property of their respective owners.