Considering how to fund an IRA for your nonworking spouse? There may be options if you qualify. One of the fallouts of the pandemic is that millions of people have left of the workforce. Women with families are taking the greatest hit of unemployment. And the worse of it is that while unemployed, these workers …
Compensation Requirements
Don’t Miss the Opportunity for a Spousal IRA
One frequently overlooked tax benefit is the spousal IRA. Generally, only taxpayers who have compensation can contribute to an IRA. The term “compensation” includes wages, tips, bonuses, professional fees, commissions, taxable alimony received, and net income from self-employment. Spousal IRAs are the exception to that rule as long as the spouse has adequate compensation. A …
