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 …
Spousal IRA
Obscure and overlooked tax deductions, credits, and benefits
As tax time approaches, we’ve listed out some frequently overlooked tax deductions, credits and benefits that cover a range of taxpayers. Of course, not everything can be included. Since the tax law has grown significantly in complexity over the years – it would take a huge book to list everything! But here are over 20 …
Obscure and overlooked tax deductions, credits, and benefitsRead More
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 …
Congress Removes IRA Contribution Age Restriction
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes. Some of these changes included a number of retirement and IRA plan modifications. This article is one of a series of articles dealing with those changes and how they may affect you. In …
