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Q.Can a nonworking spouse contribute to an IRA, if the working spouse has a pension?
A.Yes. A non-working spouse who is not covered by a qualified retirement plan can make a $5,000 IRA contribution for 2008 ($6,000 if the nonworking spouse is age 50 or older at yearend) so long as the adjusted gross income of the two spouses does not exceed $159,000.
IRS Circular 230 Disclosure: As required by U.S. Treasury Regulations, you are hereby advised that any written tax advice contained on this web site is not written or intended to be used (and cannot be used) by any taxpayer for the purpose of avoiding penalties that may be imposed on a taxpayer under the U.S. Internal Revenue Service.
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