Spousal IRA – DougFreemanCPA.com

Are you married and not earning compensation? You may be able to put money in an IRA

AGI (Adjustable Gross Income), IRA, Retirement, Roth IRA, Spousal IRA, Tax Return / Douglas Freeman

When one spouse in a married couple is not earning compensation, the couple may not be able to save as much as they need for a comfortable retirement. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a “spousal” IRA. It allows contributions to be made […]

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There still may be time to cut your tax bill with an IRA

2021 Tax Return, AGI (Adjustable Gross Income), IRA, Retirement, Roth IRA, Simplified Employee Pension (SEP), Small Business Owners, Spousal IRA / Douglas Freeman

If you’re getting ready to file your 2021 tax return, and your tax bill is more than you’d like, there might still be a way to lower it. If you’re eligible, you can make a deductible contribution to a traditional IRA right up until April 18, 2022, filing date, and benefit from the tax savings

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Are you a nonworking spouse? You may still be able to contribute to an IRA

AGI (Adjustable Gross Income), IRA, Retirement, Roth IRA, Spousal IRA / Douglas Freeman

Married couples may not be able to save as much as they need for retirement when one spouse doesn’t work outside the home — perhaps so that spouse can take care of children or elderly parents. In general, an IRA contribution is allowed only if a taxpayer earns compensation. However, there’s an exception involving a

Are you a nonworking spouse? You may still be able to contribute to an IRA Read More »