In order for me to open a spousal Roth IRA for myself, does my husband also have to open one for himself? I’m confused by this line from the disclosure statement:
“You are eligible to make a spousal IRA contribution for yourself if the following rules are satisified: you and your spouse must have your own IRA;”
So does this mean we just have to have separate ones, that is, there is no such thing as a joint IRA, or does this mean I cannot open one unless he opens one also? Thanks.
Laurie
{ 2 comments… read them below or add one }
Adam
Yes, you cannot have a joint IRA, but you do not each have to have one. If you qualify otherwise, that is, have sufficient earned income, you can open a spousal Roth IRA. It does not matter which one of you is earning the income. Of course it is best for each of you to open a Roth IRA.
Elizabeth
You wouldn’t make a spousal contribution for yourself, that is part of your question. The wage earner, you or your spouse, can contribute to the non-wage or lower-wage earner’s IRA. Up to 5K per year, of earnings. There is no IRS requirement for the wage earner to have an IRA to contribute to a spousal IRA. The “quoted” question you asked might be a requirement of the brokerage you are dealing with.
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