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Spousal IRAs

Open a Spousal IRA at First Federal.

 

If you are employed and your spouse is non-working with little or no income, he/she may contribute to either a "Spousal" Traditional IRA or a "Spousal" Roth IRA*.

 

Based on your compensation, you may contribute up to certain specified annual limits. Contributions to both accounts may not be more than your total compensation.

 

 

 

To qualify for a Spousal IRA:*

  • you must be legally married at the end of the tax year.
  • you must file a joint income tax return.
  • you must also be employed and have earned income of at least the amount contributed to the IRA.
  • you must be under age 70½ to open a Spousal Traditional IRA (for a Spousal Roth IRA, there are no age limits).
  • a spousal IRA must be established in your spouse's name only even though you are making the contribution.

 

*Consult your tax advisor for more information on
deductibility, income and contribution limits. 

 

Click here to learn more about Spousal IRAs from IRS's FAQ
Click here to view the IRA Online Resource Guide - Information About Traditional IRAs
Click here to view the IRA Online Resource Guide - Information About Roth IRAs