A Spousal IRA allows a working spouse to contribute to an IRA on behalf of a non-working or low-income spouse, helping both save for retirement even if one spouse has little to no income.

Contributing to a Spousal IRA helps maximize retirement savings for both spouses, allowing for potential tax deductions, tax-deferred growth, or tax-free growth depending on the type of IRA chosen.

Income limits vary depending on the type of IRA (Traditional or Roth) and your tax filing status. MAGI and filing status play a key role in determining contribution eligibility.

For the 2023 tax year, you can contribute up to $6,500 to an IRA (Traditional or Roth) per spouse. If you’re 50 or older, you may contribute an additional $1,000 as a catch-up contribution.

Yes, you can contribute to both a Traditional and a Roth IRA in the same year, but the total contributions to both accounts cannot exceed the annual contribution limit ($6,500 or $7,500 with catch-up in 2023).