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Over 60 wife has no income can I contribute to her traditional IRA account?? victor 04-11-2006
Posted by victor on April 11, 2006, 3:31 am
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 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

<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
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<< Copyright (2006) - All rights reserved. >>
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Posted by Dave Filpus on April 12, 2006, 7:17 am
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> 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??

Yes, if the 15K were earnings.

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

Probably. Not really enough information.

> Do I have to file a 8606??

Only if the IRA is nondeductible.

<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

Posted by Herb Smith on April 12, 2006, 7:55 am
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victor wrote:

> 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??

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

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

Yes

> Do I have to file a 8606??

Only if you DON'T claim a deduction.

<< ======================================================= >>
<< The foregoing is intended for educational purposes only >>
<< and does NOT constitute legal OR professional advice. >>
<< >>
<< The Charter and the Guidelines for submitting >>
<< messages to this newsgroup are at www.asktax.org. >>
<< Copyright (2006) - All rights reserved. >>
<< ======================================================= >>

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