Married Without Income? You Can Still Save in an IRA

1. An eligible married couple can contribute up to $6,500 to an IRA for a nonworking spouse in 2023.
2. Contributions to a traditional IRA may be tax-deductible, and earnings on funds within the IRA aren’t taxed until withdrawn.
3. As long as a married couple has a combined earned income of at least $13,000, they can contribute $6,500 to an IRA for each spouse.
4. Individuals aged 50 or older can make “catch-up” contributions to an IRA or Roth IRA in the amount of $1,000 in 2023.
5. For 2023, a taxpayer and their spouse, both aged 50 or older, can each make a deductible contribution to an IRA of up to $7,500, for a combined deductible limit of $15,000. – In 2023, a working spouse can make a deductible contribution of up to $6,500 or $7,500 (for spouses aged 50 and above) to the nonparticipant spouse’s IRA, if the couple’s AGI is below a certain threshold.
– The limit for deductible contributions is phased out for AGI between $218,000 and $228,000.
– For more information about IRAs or retirement planning, contact taxinsights@nksfb.com or Richard Welling at rwelling@nksfb.com.
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Are You Married and Not Earning Compensation? You May Be Able to Put Money in an IRA