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

Apr 11, 2006 2 Replies
V

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



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D

Yes, if the 15K were earnings.

Probably. Not really enough information.

Only if the IRA is nondeductible.

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H

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

Yes

Only if you DON'T claim a deduction.

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